What is a closing disclosure statement?

A closing disclosure statement is a document that outlines the terms of a real estate transaction in South Dakota. It is a required document for all real estate transactions in the state and is completed prior to the closing date of the transaction. The closing disclosure statement includes information about the purchase price of the property, the amount of any deposits, financing costs (such as points and lender fees), and other financial details. It also includes information about the title of the property, the parties involved in the transaction, and any other legal information regarding the purchase. The closing disclosure statement helps buyers understand what they are agreeing to and allows them to ensure that they understand all of the terms of the agreement before they sign it. It also serves as an important record of the agreement in case there are any disputes or legal questions down the line. The closing disclosure statement is an important tool in residential real estate law in South Dakota and should be reviewed carefully and discussed with a real estate attorney prior to signing.

Related FAQs

What are the rights of a tenant upon foreclosure?
What is a right of first refusal?
Are seller disclosures mandatory?
What is the difference between a deed and a contract of sale?
What is a title insurance policy?
What is a homeowners association?
What is a real estate broker’s fiduciary duty?
What is an Option Clause in a real estate contract?
What is a “due on sale” clause?
What is the difference between a realtor and a real estate agent?

What is a closing disclosure statement?

Related FAQs

Related Blog Posts