Humber/Ontario Real Estate Course 1 Exam Practice

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Which document would a seller normally need to complete when transferring property ownership?

Purchase Agreement
Deed/Transfer of Land
Mortgage Application
Property Insurance Policy
Buyer-Seller Agreement
Lease Agreement

The correct answer is: Deed/Transfer of Land

The correct document that a seller would normally need to complete when transferring property ownership is the Deed/Transfer of Land. This document legally transfers the ownership of the property from the seller to the buyer. It is a vital part of the transaction process and ensures that the change in ownership is recorded and recognized by the relevant authorities. The other options provided are not typically completed by the seller when transferring property ownership: A. Purchase Agreement - This document outlines the terms and conditions of the sale but does not transfer ownership. C. Mortgage Application - This is completed by the buyer to apply for a mortgage loan and is not related to transferring ownership. D. Property Insurance Policy - This is insurance coverage for the property and is not related to the transfer of ownership. E. Buyer-Seller Agreement - While this document may outline the agreed-upon terms between the buyer and seller, the transfer of ownership requires the Deed/Transfer of Land. F. Lease Agreement - This type of agreement is for renting, not transferring ownership.