Escrow & Title
In South Dakota, the order in which expenses are paid from sale proceeds at closing is typically:
ACommission first, then closing costs, then liens
BClosing costs first, then taxes, then mortgage payoffs, then net to seller
CMortgages and liens first (in priority order), then commissions, then seller proceeds✓ Correct
DSeller's net first, then all other expenses from remaining funds
Explanation
At closing, proceeds are typically used to pay liens in order of priority (property taxes first, then mortgage payoffs), then real estate commissions and other seller-side closing costs, with the remainder going to the seller.
Related South Dakota Escrow & Title Questions
- In South Dakota, 'title by adverse possession' differs from title obtained by deed in that:
- In South Dakota, a closing statement shows the seller's net proceeds. To calculate net proceeds, which of the following is ADDED to the seller's side?
- An owner's title insurance policy protects:
- A South Dakota seller agrees to pay off their mortgage at closing from sale proceeds. At closing, the escrow agent will:
- In South Dakota, a deed of trust foreclosure (non-judicial) typically concludes with the property being sold at a:
- A title search is conducted primarily to:
- In South Dakota, a title search examines public records to:
- Which type of lien has the HIGHEST priority in South Dakota in most circumstances?
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 →