Escrow & Title
Which of the following is typically a buyer's closing cost in South Dakota?
AReal estate commission
BTitle search fee✓ Correct
CProperty transfer announcement
DSeller's attorney fees
Explanation
Title search fees are typically paid by the buyer as part of closing costs, along with lender fees, title insurance, and recording fees. The seller typically pays the real estate commission.
People Also Study
Related South Dakota Questions
- At a South Dakota closing, a buyer's lender requires a lender's title insurance policy. Who typically pays for this policy?Escrow & Title
- A South Dakota purchase agreement requires the seller to provide clean title at closing. If the title search reveals an unresolved mechanic's lien, the seller must:Contracts
- A South Dakota lender requires title insurance as a condition of making a mortgage loan. This type of policy is called a:Finance
- When a South Dakota property is 'double insured' (buyer and lender each have title insurance), both policies cover:Escrow & Title
- A South Dakota title company issues a commitment for title insurance before closing. This commitment:Escrow & Title
- A South Dakota lender's title insurance policy remains in effect for:Escrow & Title
- A South Dakota seller wants to net $200,000 after paying a 5% commission and $3,000 in closing costs. What must the property sell for?Real Estate Math
- In South Dakota, what is the primary purpose of a title insurance policy obtained at closing?Finance
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.
Discount PointsPrepaid interest paid to a lender at closing to reduce the mortgage interest rate, with each point equal to 1% of the loan amount.
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.
Math Concepts
State-Specific Concepts
Recording Requirements
Study This Topic
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 →