Humber/Ontario Real Estate Course 3 Exam Practice

Crucial tasks of a buyer's lawyer during property transfer exclude:

1. Preparing the deed

2. Reviewing the title

3. Conducting title search

4. Arranging title insurance

5. Preparing statement of adjustments

6. Filing tax documents

The correct answer is: Preparing statement of adjustments

The task of preparing a statement of adjustments primarily falls within the responsibilities of the real estate agent or the broker, rather than the buyer's lawyer. The statement of adjustments details the financial aspects of the transaction, including adjustments for prepaid expenses, deposits, and the payment balance owed at closing. While the lawyer ensures that all aspects of the transaction are legally sound, the preparation of this statement is more closely aligned with the role of the real estate professional who is tasked with managing the transaction’s financial components. In contrast, the other tasks listed are essential functions of a buyer's lawyer during a property transfer. This includes preparing the deed, reviewing the title, conducting a title search, and arranging for title insurance, all critical for ensuring that the buyer can acquire the property without legal issues. Filing tax documents is also typically managed by the lawyer, who ensures compliance with relevant tax obligations associated with the property transfer. Each of these tasks directly contributes to protecting the buyer's interests in the transaction and ensuring a smooth transfer of property.