Humber/Ontario Real Estate Course 4 Exam Practice

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Who generally performs the title search and prepares the statement of adjustments in a real estate transaction?

Listing agent
Buyer's broker
Title insurance company
Seller's lawyer
Real estate manager
Buyer's lawyer

The correct answer is: Seller's lawyer

In a real estate transaction, the seller's lawyer typically performs the title search and prepares the statement of adjustments. The title search is necessary to ensure that the title to the property is clear of any liens or encumbrances, ultimately protecting both the seller and buyer in the transaction. The seller's lawyer also prepares the statement of adjustments, which outlines the financial details of the transaction, including adjustments for property taxes, utilities, and any other costs that need to be settled at closing. By managing these aspects, the seller's lawyer ensures that all legal and financial requirements are met, facilitating a smooth transfer of ownership. This includes addressing any concerns that might arise during the title search process and ensuring that the buyer receives clear title upon completion of the sale.