Escrow & Title
In South Dakota, a deed of trust foreclosure (non-judicial) typically concludes with the property being sold at a:
ASheriff's auction conducted by the county sheriff
BTrustee's sale (public auction) conducted by the trustee✓ Correct
CPrivate sale negotiated by the lender
DCourt-supervised sale after a judgment
Explanation
In a deed of trust non-judicial foreclosure, the trustee conducts a public trustee's sale (auction), typically after providing required notices and waiting periods, without court involvement.
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Key Terms to Know
Deed of Trust
A security instrument used in many states instead of a mortgage, involving three parties: borrower (trustor), lender (beneficiary), and a neutral trustee.
DeedA written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
Short SaleA sale of real property where the sale proceeds are less than the outstanding mortgage balance, requiring lender approval.
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.
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