Escrow & Title
What is the purpose of the Closing Disclosure (CD) that borrowers receive before closing in North Dakota?
ATo advertise the property for sale
BTo provide a detailed accounting of all closing costs, loan terms, and cash due at closing for final review✓ Correct
CTo record the deed
DTo apply for title insurance
Explanation
The Closing Disclosure (CD) is provided to borrowers at least 3 business days before closing under TRID rules. It details all final loan terms, fees, and the cash needed to close, allowing borrowers to compare against the Loan Estimate and prepare for closing.
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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.
Closing CostsFees and expenses paid by the buyer and/or seller at the closing of a real estate transaction, in addition to the property's purchase price.
DeedA written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
Abstract of TitleA condensed history of a property's title, summarizing all recorded documents and encumbrances affecting it from the earliest record to the present.
Math Concepts
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