Escrow & Title
In Ohio, a Closing Disclosure (CD) must be provided to the buyer at least:
A1 business day before closing
B3 business days before closing✓ Correct
C5 business days before closing
D7 business days before closing
Explanation
Under TRID (TILA-RESPA Integrated Disclosure), the Closing Disclosure must be provided to the buyer at least 3 business days before the loan closing, allowing 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.
Discount PointsPrepaid interest paid to a lender at closing to reduce the mortgage interest rate, with each point equal to 1% of the loan amount.
Promissory NoteA written promise to repay a loan under specified terms — the borrower's personal financial obligation in a real estate transaction.
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