Humber/Ontario Real Estate Course 3 Exam Practice

What should be included in the description of the real property for a purchase agreement?

1. Address, 'fronting on' details, city, lot frontage/depth, and legal description.

2. Legal description only.

3. Civic and mailing addresses.

4. Lot size in metric measurements.

5. Major landmarks and neighboring properties.

6. A complete surveyor's report.

The correct answer is: Address, 'fronting on' details, city, lot frontage/depth, and legal description.

The inclusion of the address, 'fronting on' details, city, lot frontage/depth, and legal description provides a comprehensive description of the real property in a purchase agreement. This level of detail is important for clarity and specificity in the transaction. The address allows for easy identification of the property location, while 'fronting on' details can describe how the property directly interacts with its adjacent streets or features. Specifying the city ensures that the jurisdiction is clear and helps avoid any potential confusion about location. Including lot frontage and depth dimensions gives potential buyers a clear idea of the size and shape of the property, which is essential for evaluating its suitability for their needs. The legal description is a crucial element that uniquely identifies the property within public records, ensuring that all parties are referencing the same tract of land, thus reducing misunderstandings or disputes in the future. Other options lack the comprehensive detail necessary for a purchase agreement. For example, including legal description only does not sufficiently identify or describe the property. Civic and mailing addresses provide limited information and do not encompass important metrics like size or orientation. Lot size in metric measurements alone leaves out critical contextual details. Mentioning major landmarks and neighboring properties does not provide precise legal or locational information, and a complete survey