Humber/Ontario Real Estate Course 3 Exam Practice

Which document officially transitions the property ownership from seller to buyer?

1. A:Deed

2. B:Bill of Sale

3. C:Title Insurance

4. D:Purchase Agreement

5. E:Home Warranty

6. F:Mortgage Document

The correct answer is: A:Deed

The correct answer is a deed, as it is the legal document specifically used to transfer ownership of real estate from the seller to the buyer. The deed acts as a formal record of this transaction and is essential for updating public records regarding property ownership. It contains the necessary legal descriptions of the property and is signed by the seller to indicate their consent to the transfer. Other documents listed play different roles in the process of buying and selling property. A bill of sale is typically used for transferring ownership of personal property rather than real estate. Title insurance protects against potential defects in the title but does not facilitate the transfer of ownership itself. The purchase agreement outlines the terms of the sale but does not effectuate the transfer of title. A home warranty offers protection for certain home systems and appliances but does not involve ownership transfer, while a mortgage document relates to financing the purchase rather than transferring ownership.