Closing Real Estate Transactions Flashcards
1
Q
What is the brokers role in a real estate closing?
A
Broker must review documents to ensure they are correct.
2
Q
Should a sales agent do the final walk through - pre closing inspection for the buyer?
A
No because of the liability involved. The final-walk through is used to ensure all repairs and maintenance work has been completed by the contract.
3
Q
The Foreign Investment in Real Property (FIRPTA) requires the withholding of how much of proceeds from a foreign sellers sale?
A
Withholding = 10% of the amount realized in the sale.
Must be deposited with the IRS within 30 days.
The sale of a personal residence is exempt if the amount realized does not exceed $300,000.
