Escrow & Title
In South Dakota real estate transactions, a 'closing disclosure' (CD) must be provided to the buyer/borrower:
AAt least 7 business days before closing
BAt least 3 business days before closing✓ Correct
COn the day of closing
DWithin 3 days after closing
Explanation
Under TRID rules (TILA-RESPA Integrated Disclosure), the Closing Disclosure must be provided to the buyer/borrower at least 3 business days before the closing date. This gives buyers time to review the final loan terms and closing costs.
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Key Terms to Know
Closing Costs
Fees and expenses paid by the buyer and/or seller at the closing of a real estate transaction, in addition to the property's purchase price.
Title InsuranceInsurance protecting against financial loss from defects in a property's title that existed before closing but were unknown at the time of purchase.
ProrationThe division of ongoing property expenses (taxes, HOA dues, rents) between buyer and seller at closing based on their respective days of ownership.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
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