Escrow & Title
RESPA requires that buyers receive the Closing Disclosure:
AAt the time of loan application
BAt least 3 business days before closing✓ Correct
CAt the closing table
DWithin 3 days after closing
Explanation
Under RESPA and TRID (TILA-RESPA Integrated Disclosure) rules, the borrower must receive the Closing Disclosure at least 3 business days before the consummation of the mortgage loan transaction.
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Key Terms to Know
Title Insurance
Insurance 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.
Loan-to-Value Ratio (LTV)The ratio of a mortgage loan amount to the appraised value or purchase price of a property, expressed as a percentage.
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