Humber/Ontario Real Estate Course 4 Exam Practice

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In an offer concerning a seller take-back mortgage, which element is least important?

The purchaser’s down payment
The seller’s expected closing costs
The inclusion of personal property
The term of the loan
The buyer's financial stability
The estimated market value of the property

The correct answer is: The inclusion of personal property

In an offer concerning a seller take-back mortgage, the inclusion of personal property is the least important element to consider. When dealing with a seller take-back mortgage, the key elements typically revolve around the financial aspects of the transaction, such as the purchaser’s down payment, the seller's expected closing costs, the term of the loan, the buyer's financial stability, and the estimated market value of the property. The inclusion of personal property, while it can be negotiable and may have some impact on the overall deal, is generally not as critical as the other factors listed. Therefore, in the context of a seller take-back mortgage, the focus is primarily on the financial and real estate-related aspects of the transaction.