Escrow & Title
In South Dakota, a 'certificate of title' issued under the Torrens system is:
ACommonly used for all South Dakota transactions
BA state-issued document that is conclusive proof of ownership✓ Correct
CRequired by lenders for mortgage loans
DIssued by the SDREC after all contingencies are met
Explanation
Under the Torrens system (not widely used in SD), a government-issued certificate of title provides conclusive evidence of ownership, unlike the recording system which provides constructive notice.
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Key Terms to Know
Private Mortgage Insurance (PMI)
Insurance required by lenders on conventional loans with less than 20% down payment, protecting the lender — not the borrower — against default.
DeedA written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
Chain of TitleThe sequential record of all transfers of ownership for a piece of property from the original patent holder to the present owner.
Deed of TrustA security instrument used in many states instead of a mortgage, involving three parties: borrower (trustor), lender (beneficiary), and a neutral trustee.
State-Specific Concepts
DRE Regulation
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