Question

1. which document is used to transfer ownership of property from one party to another? a) escrow account b) settlement statement c) appraisal d) deed

Explanation:

To determine the correct answer, we analyze each option:

• Option A: An escrow account is a financial account used in real estate transactions to hold funds until certain conditions are met, not for transferring property ownership.
• Option B: A settlement statement (also known as a closing statement) summarizes the financial aspects of a real estate transaction, like costs and credits, but it doesn't transfer ownership.
• Option C: An appraisal is an assessment of a property's value, not a document for ownership transfer.
• Option D: A deed is a legal document that transfers the ownership of real property from one party (grantor) to another (grantee).

Answer:

D) deed