Who is responsible for preparing the promissory notes at a closing in South Dakota?

In South Dakota, the responsibility for preparing promissory notes at closing typically falls to the lender. This is because the promissory note is a financial document that outlines the terms of the loan, including the repayment schedule, interest rate, and obligations of the borrower. Lenders are well-versed in drafting these documents to ensure that they comply with legal standards and accurately reflect the terms of the agreement between them and the borrower.

The lender's preparation of the promissory note is crucial for ensuring that both parties understand their rights and responsibilities within the financing agreement. This document serves as a key component of the closing process, as it formalizes the loan arrangement needed for the property purchase, thereby providing security for the lender and clarity for the borrower.

In this context, the buyer, seller, and broker do not have the same level of involvement when it comes to the specifics of loan documentation. While buyers may be involved in the discussion of terms, and a broker may facilitate the transaction, it is ultimately the lender who is responsible for preparing the promissory note for the closing.