Escrow & Title
The Closing Disclosure required by TRID must be provided to the buyer at least how many business days before closing?
A1 business day
B2 business days
C3 business days✓ Correct
D5 business days
Explanation
TRID requires that the Closing Disclosure be provided to the buyer at least 3 business days before the scheduled consummation (closing) of the loan. This gives the borrower time to review final loan terms and costs.
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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.
ProrationThe division of ongoing property expenses (taxes, HOA dues, rents) between buyer and seller at closing based on their respective days of ownership.
AmortizationThe gradual repayment of a loan through scheduled periodic payments that cover both principal and interest.
State-Specific Concepts
Disclosure Requirements
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