Oregon 30-Hour Real Estate Law Practice Test

When did Christina officially gain ownership of the property she purchased from Thomas?

1. When she paid Thomas

2. With the transfer of deed from the seller to the buyer

3. After the title search was completed

4. On the closing day

The correct answer is: With the transfer of deed from the seller to the buyer

Christina officially gained ownership of the property when the transfer of deed from the seller to the buyer took place. In real estate transactions, the deed is the legal document that conveys title or ownership of the property from one party to another. The act of transferring the deed signifies that the seller has relinquished their ownership rights and that the buyer has accepted those rights, effectively completing the transfer of ownership. While paying Thomas or the events surrounding closing day may be important in the transaction process, they do not in themselves constitute the legal transfer of ownership. The completion of a title search, on the other hand, is primarily concerned with verifying that there are no legal claims against the property, but it does not affect the actual transfer of ownership either. Therefore, it is the deed transfer that solidifies Christina's legal claim to the property.