Escrow & Title
After a South Dakota transaction closes, which party is responsible for recording the deed?
AThe seller
BThe buyer's lender
CTypically the escrow/title company or the buyer's attorney✓ Correct
DThe SDREC
Explanation
After closing, the escrow or title company (or the buyer's attorney in an attorney-closing state) typically handles the recording of the deed and other documents at the county register of deeds office.
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Key Terms to Know
Deed
A written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
EscrowA neutral third-party arrangement where funds, documents, and instructions are held until all conditions of a real estate transaction are satisfied.
Title InsuranceInsurance protecting against financial loss from defects in a property's title that existed before closing but were unknown at the time of purchase.
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.
State-Specific Concepts
DRE Regulation
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