Escrow & Title
RESPA (Real Estate Settlement Procedures Act) requires that buyers receive a Closing Disclosure:
A30 days before closing
BAt least 3 business days before closing✓ Correct
CAt the closing table
DWithin 3 days of loan application
Explanation
RESPA/TRID (TILA-RESPA Integrated Disclosures) requires that borrowers receive the Closing Disclosure at least 3 business days before the loan closes. This gives borrowers time to review final loan terms and costs.
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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.
Closing CostsFees 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.
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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