What typically happens on closing day in a residential real estate transaction?
Correct Answer
C) Legal title transfers to the buyer
Closing day (also called completion day) is when legal ownership of the property officially transfers from the seller to the buyer. This occurs when the deed is registered and the buyer takes legal title to the property.
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During the offer process, what happens when a seller receives multiple offers on the same day?
What is the primary purpose of a buyer representation agreement in residential real estate transactions?
Which residential property type typically offers individual ownership of the unit plus a share in common elements?
What is the standard timeline for removing conditions in a residential purchase offer in most Canadian provinces?
Sarah is a real estate agent representing both the buyer and seller in the same transaction. What type of representation is this called and what must she do?
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