Humber/Ontario Real Estate Course 4 Exam Practice

When assessing a property survey provided by a seller, how should it be included in the purchase agreement?

1. Attached as Schedule B provided it's a single additional attachment

2. Filed separately from the main agreement

3. Marked as an annexure with no necessity for initials

4. Recorded in a registry not related to the purchase agreement

5. Simply noted within the agreement text without attachment

6. Appended to buyer's preference without seller's consent

The correct answer is: Attached as Schedule B provided it's a single additional attachment

The inclusion of a property survey in the purchase agreement is best achieved by attaching it as Schedule B when it is a single additional attachment. This method clearly identifies the survey as part of the agreement, making it easily accessible and ensuring both parties understand that it is an integral component of the transaction. Attaching the survey in this manner helps avoid any misunderstandings regarding the property's boundaries, encroachments, or easements that might affect the sale. Including the survey as Schedule B also aligns with best practices in real estate transactions, where documentation that pertains to the property is neatly organized and referenced in the agreement. This promotes transparency and provides both the buyer and the seller with a clear reference point should any disputes arise concerning property lines or usage rights.