Escrow & Title
In South Dakota, an 'escrow holdback' at closing is used when:
AThe buyer needs extra time to pay their down payment
BCertain agreed-upon work is incomplete and funds are held back from the seller pending completion✓ Correct
CThe title company holds back their fee until after recording
DThe lender withholds a portion of the loan for renovation
Explanation
An escrow holdback retains a portion of the seller's proceeds in escrow until agreed-upon repairs or work are completed after closing, ensuring the seller follows through on their obligations.
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