Humber/Ontario Real Estate Course 2 Exam Practice

Considering the clause about chattels in a home purchase, what is accurate?

1. Appliances failing post-closing aren't the seller's responsibility.

2. Pre-closing inspection is vital for appliance verification.

3. Structural matters apply exclusively to the 'represents and warrants' clause.

4. The clause protects the buyer even after the transaction completion.

The correct answer is: Pre-closing inspection is vital for appliance verification.

In a home purchase agreement, the clause about chattels pertains to items that are movable personal property, such as appliances, that are included in the sale of the home. Option B is accurate because a pre-closing inspection is indeed crucial for verifying the condition and presence of the chattels listed in the agreement. This is important to ensure that the buyer receives all the specified chattels in the agreed-upon condition before finalizing the transaction. Conducting a thorough pre-closing inspection helps prevent any potential disputes or issues regarding the chattels post-closing. It allows the buyer to confirm that the appliances and other chattels are in the expected condition and working order before completing the purchase.