Escrow & Title
In South Carolina, a 'buyer's affidavit' at closing typically certifies that:
AThe buyer has never owned property before
BThe buyer is who they claim to be and that the information provided is accurate✓ Correct
CThe property has no defects
DThe buyer will occupy the property as their primary residence
Explanation
Affidavits at closing require parties to attest to certain facts under oath. A buyer's affidavit might certify identity, accuracy of loan application information, and intended occupancy.
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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.
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.
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.
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