Humber/Ontario Real Estate Course 1 Exam Practice

What does the Transfer/Deed of Land document include?

1. The legal description of the property.

2. The purchase price and any mortgage details.

3. The market value assessment of the property.

4. The zoning classification of the property.

5. The builder's warranty details.

6. The insurance policy information.

The correct answer is: The purchase price and any mortgage details.

The Transfer/Deed of Land document primarily serves to convey ownership of a property from one party to another. A critical aspect of this document includes the legal description of the property, which specifies precisely what is being transferred. This encompasses various details about the boundaries and features of the property in question. The document typically does not detail the purchase price; however, it often needs to reference relevant aspects of any mortgage arrangements associated with the transfer, such as existing liens or claims attached to the property. Therefore, while it is important to understand the role of the Transfer/Deed in outlining the legal and financial aspects of the transfer, it is essential to recognize that the legal description is a key component. In contrast, aspects like market value assessments, zoning classifications, builder's warranty details, and insurance policy information are usually documented elsewhere and do not form part of the deed itself. These elements, while associated with property transactions, serve different functions and are typically found in other legal documents or disclosures related to the property.