When finalizing a real estate deal, who is typically responsible for costs linked to any seller financed mortgages?

Disable ads (and more) with a premium pass for a one time $4.99 payment

Prepare for the Humber/Ontario Real Estate Course 3 Exam with our practice quizzes. Study using multiple-choice questions complete with hints and explanations. Ace your exam with confidence!

The buyer is typically responsible for costs linked to mortgages taken back by the seller. This is because the buyer is the one taking on the mortgage and obtaining the property. Option A is incorrect because deed preparation costs are typically covered by the seller. Option B is incorrect as the land transfer tax is usually paid by the buyer. Option D is incorrect as the seller would not handle costs for a seller financed mortgage since they are providing the financing. Option E is incorrect as the buyer is responsible for these costs. Option F is incorrect as someone must be responsible for the costs, typically the buyer.

Subscribe

Get the latest from Examzify

You can unsubscribe at any time. Read our privacy policy