Humber/Ontario Real Estate Course 4 Exam Practice

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If seller's property taxes cover up to the closing date, who is responsible for taxes on the day of closing?

  1. The agent

  2. The bank

  3. The insurance company

  4. The mortgage holder

  5. The seller

  6. The title company

The correct answer is: The seller

On the day of closing, the responsibility for property taxes typically shifts from the seller to the buyer. When the seller's property taxes cover up to the closing date, the buyer will be responsible for the taxes moving forward. This is a standard practice in real estate transactions, where the buyer assumes the responsibility for property taxes starting from the day of closing. Therefore, option E, the seller, is the correct answer.

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