Escrow & Title
An abstract of title in South Dakota is:
AA guarantee of clear title
BA summary of all recorded documents affecting the title to a property✓ Correct
CA physical inspection of the property
DA lender's commitment to fund the loan
Explanation
An abstract of title is a condensed history of all recorded instruments affecting the title to a parcel. An attorney reviews the abstract and issues an opinion of title as to its marketability.
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Key Terms to Know
Abstract of Title
A condensed history of a property's title, summarizing all recorded documents and encumbrances affecting it from the earliest record to the present.
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.
Pre-ApprovalA lender's conditional commitment to loan a specific amount to a borrower, based on verified income, credit, and assets.
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