Escrow & Title
At a South Dakota closing, the HUD-1 or Closing Disclosure is used to:
ARecord the deed at the county courthouse
BSummarize all debits and credits for buyer and seller✓ Correct
CEstablish the agency relationship between agent and client
DDetermine the property's fair market value
Explanation
The Closing Disclosure (or HUD-1 for older transactions) itemizes all financial transactions at closing, including purchase price, loan amounts, fees, prorations, and net proceeds for each party.
Related South Dakota Escrow & Title Questions
- A title search is conducted primarily to:
- In South Dakota, which of the following encumbrances does NOT need to be removed to deliver 'clear title'?
- In South Dakota, 'RESPA Section 8' specifically prohibits which of the following?
- In South Dakota, 'actual notice' in property law means:
- A sheriff's deed in South Dakota is issued in connection with:
- A South Dakota title company issues a commitment for title insurance before closing. This commitment:
- In South Dakota, which statement is TRUE about recording a deed?
- In South Dakota, which of the following is typically PRORATED between buyer and seller at closing?
Practice More South Dakota Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free South Dakota Quiz →