Escrow & Title
In NJ, a RESPA-covered transaction requires the lender to provide a Closing Disclosure (CD) to the buyer at least how many business days before closing?
AOne business day
BThree business days✓ Correct
CFive business days
DSeven business days
Explanation
Under TRID, the lender must deliver the Closing Disclosure to the consumer at least three business days before consummation (closing), giving the buyer time to review final loan terms.
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Key Terms to Know
Title Insurance
Insurance protecting against financial loss from defects in a property's title that existed before closing but were unknown at the time of purchase.
ProrationThe division of ongoing property expenses (taxes, HOA dues, rents) between buyer and seller at closing based on their respective days of ownership.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
Debt-to-Income Ratio (DTI)A lender's measure of a borrower's monthly debt obligations relative to their gross monthly income, used to evaluate loan eligibility.
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