Which document transfers ownership of property at closing?

Unlock all questions

This demo includes only 20 questions. Upgrade to access hundreds of questions, flashcards, exam simulations, and disable ads.

Full question bankExam simulationsFlashcards
From $24.99Unlock all

Study for the Gold Coast Class Test. Prepare with flashcards and multiple choice questions, each offering hints and explanations. Ace your exam!

Multiple Choice

Which document transfers ownership of property at closing?

Explanation:
Ownership transfer is accomplished by a deed. At closing the seller signs a deed that conveys title to the buyer; the deed identifies the grantor and grantee and is typically recorded to provide public notice of the transfer. A promissory note records the borrower's promise to repay a loan, not ownership. A mortgage creates a lien on the property to secure the loan, not title transfer. A lease transfers possession for a term, not ownership. Thus, the deed is the instrument that transfers ownership at closing.

Ownership transfer is accomplished by a deed. At closing the seller signs a deed that conveys title to the buyer; the deed identifies the grantor and grantee and is typically recorded to provide public notice of the transfer. A promissory note records the borrower's promise to repay a loan, not ownership. A mortgage creates a lien on the property to secure the loan, not title transfer. A lease transfers possession for a term, not ownership. Thus, the deed is the instrument that transfers ownership at closing.

More Multiple Choice Questions
Subscribe

Get the latest from Examzify

You can unsubscribe at any time. Read our privacy policy