FinancingMortgage_instrumentsMEDIUM
At settlement, seller Olivia Chen signs a deed to buyer Ben Reed, and Ben signs a note and mortgage in favor of the lender. Which document transfers ownership from Olivia to Ben?
Correct Answer
B) The deed because it conveys title from seller to buyer
The deed is the conveyancing document that transfers ownership from the seller to the buyer. The note and mortgage relate to financing, but they do not substitute for the seller's deed conveying title to Ben.
Answer Options
A
The promissory note because it states the repayment promiseB
The deed because it conveys title from seller to buyerC
The mortgage because it secures the loan with the propertyD
The Closing Disclosure because it summarizes settlement chargesWhy This Is the Correct Answer
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Key Terms:
deedtitle_transferclosing_documentsmortgage_instruments
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