Escrow & Title
In North Dakota, a 'buyer's closing costs' typically include all EXCEPT:
ALoan origination fee
BLender's title insurance
CReal estate commission✓ Correct
DPrepaid homeowner's insurance
Explanation
The real estate commission is typically a seller's cost, paid from the seller's proceeds. Buyer's closing costs typically include the loan origination fee, lender's title insurance, appraisal, prepaid insurance, prepaid taxes, and other loan-related fees.
Related North Dakota Escrow & Title Questions
- In North Dakota, which of the following is considered an 'involuntary lien' on real property?
- Which of the following is TRUE about recording a deed?
- A deed must be delivered and accepted to be effective. This means:
- Chain of title refers to:
- In North Dakota, title insurance protects against which of the following?
- When a North Dakota deed is delivered but not recorded, the transfer of title between grantor and grantee is:
- At a North Dakota real estate closing, 'prorations' typically involve:
- RESPA (Real Estate Settlement Procedures Act) requires that a Loan Estimate be provided to the borrower within how many business days of a loan application?
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