Frequently Asked Questions

FAQ

What is the closing process for the seller?

Closing is the process by which you transfer ownership of your home to a new buyer. It culminates when the escrow company collects the documents and money needed to close the sale on the closing date. Before then, though, there's typically a lot of negotiation between the seller and the buyer.

What is a closing checklist?

A list of things to be done and items to be delivered before a transaction can be closed. Responsibility for each item is typically allocated among the parties on the checklist. The status of each item is updated periodically and circulated to the parties in preparation for closing.

What should sellers leave for buyers?

This means window treatments (think: hardware, curtains, shutters and blinds), bathroom mirrors, shelving, door hardware, kitchen hardware and light fixtures. Unless you made an exception for these items in your contract, make sure to leave these home features behind for the new owners.

Do you get keys at final walk through?

Granted, unless you are closing after the Register of Deeds has closed for the day, you should realistically get your keys the same day as closing day. However, it may be a couple of hours after you have signed before the Register of Deeds records the Deed giving you possession of the house.

What are the 4 steps in the closing process?

The 4 Steps in the Closing Process

• Close revenue accounts to income summary (income summary is a temporary account)
• Close expense accounts to income summary.
• Close income summary to retained earnings.
• Close dividends (or withdrawals) to retained earnings.

Do you have to pay taxes on property sold overseas?

The U.S. taxes you on any income you earn, whether it's earned in the U.S. or another country. So if you owned a home or property in another country, and then sold that home for a profit, you'll need to report the sale just as you would if it were located in the U.S.

Is there capital gains tax on foreign real estate sales?

Technically, all capital gains made by a US citizen are taxable. This is true regardless of whether you are selling US property or foreign property. For example, if you sold a rental property in Florida and received a capital gain, that gain is taxable. The same would be true if you sold a home in Italy.

What is the tax rate for foreign capital gains?

30 percent A flat tax of 30 percent (or lower treaty) rate is imposed on U.S. source capital gains in the hands of nonresident alien individuals present in the United States for 183 days or more during the taxable year.

How can I avoid capital gains tax on foreign property sale?

Ways to Avoid Paying Capital Gains on Foreign Property

1. Capital Gains Exclusion. If you sell a foreign property, you may be able to deduct some or all of the capital gains.
2. Avoid Short-term Capital Gains.
3. 1031 Exchange.
4. Mortgage Interest Deduction.

What is Section 80GG of the income tax?

Section 80GG is a provision under the Income Tax Act that allows a taxpayer or an assessee to claim a deduction for the rent paid towards his/her accommodation. The deduction can be claimed by all individuals – salaried or self-employed, including those without any income.

What is Section 1 13 A of Income Tax Act?

Section 1(13A) of the Income Tax Act states that if a person receives rent from a property, it will be considered as income and taxed accordingly. However, if the rent paid is less than Rs. 1,00,000 per annum, the landlord is not required to deduct any tax at source (TDS).

What is the exemption under 80C?

Section 80C permits certain investments and expenses to be tax-exempted. By well-planning the investments that are spread diversely across various options like NSC, ULIP, PPF, etc., an individual can claim deductions up to Rs 1,50,000. By taking tax benefits under 80c, one can avail of a reduction in tax burden.

What is the house rent allowance?

House Rent Allowance (HRA) is an exemption in the Income Tax Act that can help lower taxes – partially or wholly. This allowance is for expenses related to rented accommodation. If you don't live in a rented accommodation, this allowance is fully taxable.

Do I have to pay taxes if I sell property overseas?

The U.S. taxes you on any income you earn, whether it's earned in the U.S. or another country. So if you owned a home or property in another country, and then sold that home for a profit, you'll need to report the sale just as you would if it were located in the U.S.

Do I have to declare foreign real estate to IRS?

Yes, you must report foreign properties on your U.S. tax return just like you would report any owned U.S. property. To do that, you first need to know what type of ownership you have because it affects what tax forms you must file.

What is the tax on foreign real estate investments?

Upon sale of real property, the foreign investor will be subject to FIRPTA withholding tax at the rate of 15% of the total sale price (not on gain realized from sale) subject to certain exceptions. FIRPTA tax must be withheld from the purchase price by the buyer and is treated as an advance payment of U.S. taxes.

Can I sell property overseas?

Filing the sale of your foreign home is similar to reporting the sale of a home on US soil. To do so, you'll need to file the IRS Form 8949 and a Schedule D as well for any rental properties you own. In some cases, you might also have to file Form 8938 (Statement of Specified Foreign Financial Assets).

Do I have to report sale of foreign property to IRS?

As with any type of income, even if you don't owe taxes to the IRS, you still have to report the income to the agency. In a tax year in which you sold an inherited foreign property, you must report the sale on Schedule D of IRS Form 1040, U.S. Individual Income Tax Return.

How do I report a foreign home sale?

How do I file the sale of my foreign home? Filing the sale of your foreign home is similar to reporting the sale of a home on US soil. To do so, you'll need to file the IRS Form 8949 and a Schedule D as well for any rental properties you own.

Do I have to pay taxes if I sell my house overseas?

You have to report the sale of foreign property to the Internal Revenue Service (IRS) when you sell it, just as you would any other sale of property in the U.S.

What happens if you don't report foreign assets?

There are serious consequences if you don't report your foreign accounts. If you don't disclose your offshore accounts, you may be caught through an IRS audit and your foreign accounts may be frozen. The IRS may also impose penalties for failure to comply with offshore account disclosures.

Do you pay taxes on property sold in another country?

The U.S. taxes you on any income you earn, whether it's earned in the U.S. or another country. So if you owned a home or property in another country, and then sold that home for a profit, you'll need to report the sale just as you would if it were located in the U.S.

What is the IRS form for foreign property sale?

About Form 8938, Statement of Specified Foreign Financial Assets | Internal Revenue Service.

How do I report a foreign land sale on Turbotax?

reporting sale of foreign property in Turbo Tax DESKTOP

1. Click on the Wages & Income tab.
2. Next click on I'll choose what I work on.
3. Scroll down the screen until you come to the section Investment Income.
4. Chose Stocks, Mutual Funds, Bonds, Other and select Start or Update.

Do I need to declare foreign property to IRS?

Selling Foreign Real Estate is Taxable (Capital Gains) Therefore, when a US person owns a foreign rental property and sells that property, the rental property must be included on the US tax return using Schedule D and applicable spot rates for currency exchange translations.

Should I start packing before closing?

Packing and cleaning needs: As we've discussed above, you'll want to get a head start on packing, cleaning and arranging moving logistics in the days before your official closing.

What is the final step before closing?

Finalize the loan with your lender Loan approval can take a month or longer when closing on a house, so it typically comes through toward the end of the closing process. This is the last major piece that needs to fall into place for your closing to wrap up as scheduled.

Is there capital gains tax on the sale of foreign real estate?

If you sell your foreign home, the tax treatment is similar to selling a home in the U.S. If you lived in and owned the property for at least two of the last five years, it qualifies as your primary residence. You you can exclude up to $250,000 of capital gains (or up to $500,000 for married taxpayers) from the sale.

Are foreign capital gains taxable in the US?

But if you're not aware of the tax treatment of international securities, you're not maximizing your true earnings potential. When Americans buy stocks or bonds from a company based overseas, any investment income (interest, dividends) and capital gains are subject to U.S. income tax.

What is the basic house rent allowance?

50% of your salary is eligible for the HRA exemption if you live in a Metro city of India. 40% of your salary is HRA exempted if you live in a non-metro city. Actual rent paid each month, minus 10 % of your salary (salary here means the basic salary, including the commissions and dearness allowance)

Can I claim HRA exemption for rent paid for two locations?

Claiming Tax Deduction on HRA for Two Houses: In some cases, employees might have two houses – one in their home town and one in the city where they work. In such cases, they might receive HRA for both the houses. In such situations, the employee can claim tax deductions on HRA for both the houses.

What is the penalty under section 131 1a of Income Tax Act?

Any breach of confidentiality of the information shared under Section 131(1a) is a punishable offence under the Income Tax Act. The person responsible for the breach can face imprisonment for up to two years along with a fine.

What is the income tax 131?

Among various laws, Section 131 is one such law that comes into force when the income tax authorities become suspicious and have definite reasons to believe that the assesses are trying to conceal their income. Under such circumstances, notice is issued, and the individual is summoned for inquiry.

What is the longest a closing can take?

It is important to note that while average closing times might be 47 days for a purchase and 35 days for a refinance, most loans will actually take between 30 days and 75 days to close.

What makes closing on a house take so long?

A lender will want to take a close look at the buyer's financial situation to fully approve their loan. It will also want to get the home appraised, conduct a title search and more — all of which take time. The type of mortgage being granted also plays a role.

What is the final step in a sale of real estate called?

Closing is the phase in the home selling process when money and documents are transferred in order to transfer ownership of the property to the buyer. The closing date is the date ownership of the property is officially transferred from the seller to the buyer; it's an exciting moment.

When is a home sale complete

How long are most house closings?	How Long Does Closing On A House Take? Closing on a house can typically take 30 – 45 days. According to an Origination Insight Report by ICE Mortgage Technology, as of September 2021, the average time to close on a home purchase was 50 days.
How do I report sale of foreign property on tax return?	Just like you would with the sale of a U.S. property, you may need to file IRS Form 8949 and a Schedule D (and a Form 4797 for rentals).
Do I have to pay taxes on foreign property?	Do US Citizens Have to Pay Taxes on Foreign Property? All US citizens must file a yearly tax return regardless of where they live in the world. When filing your return, you must report your worldwide income. This includes any gain or loss from selling a foreign property and rental income.
Do I need to report foreign property on tax return?	Therefore, when a US person owns a foreign rental property and sells that property, the rental property must be included on the US tax return using Schedule D and applicable spot rates for currency exchange translations.
How do I report a sale of foreign property on Turbotax?	You would enter this as a sale of a second home in Turbo Tax under federal>wages and income>less common income>Sale of home(gain or loss).
What is the section of exemption?	Hear this out loudPauseUnder Section 10(10D) of the IT Act, citizens are allowed tax exemption benefits on the maturity amount of an insurance policy (except the ULIP plan) if the aggregate premium paid is less than Rs. 5 lakhs. This premium amount limit is Rs. 2.5 lakhs in case of ULIP plans.
What is Section 80C of Income Tax Act?	Hear this out loudPauseSection 80C of the Income Tax Act of India is a clause that points to various expenditures and investments that are exempted from Income Tax. It allows for a maximum deduction of up to Rs 1.5 lakh every year from an investor's total taxable income.
What is exemption under section 501 A?	Hear this out loudPauseOrganizations that meet the requirements of Internal Revenue Code section 501(a) are exempt from federal income taxation. In addition, charitable contributions made to some section 501(a) organizations by individuals and corporations are deductible under Code section 170.
What are the two types of exemptions?	Hear this out loudPauseThere are two types of exemptions-personal and dependency. Each exemption reduces the income subject to tax.
Who is involved in the closing process?	The closing is the final stage, which usually takes anywhere from 30 to 90 days. This process consists of the final transactional details and involves a title company, the buyers and sellers, real estate agents, and the lender.
Is the closing conducted by the seller's agent?	The statement 'The closing is conducted by the seller's agent. ' is false. In most real estate transactions, the closing is facilitated by a neutral third party, known as an escrow officer, closing agent, or closing attorney.
Which of the following parties typically attends the closing of a property?	Who Attends the Closing of a House? Depending on where you live, those at your closing appointment might include you (the buyer), the seller, the escrow/closing agent, the attorney (who might also be the closing agent), a title company representative, the mortgage lender, and the real estate agents.
What happens on the day of closing?	This day consists of transferring funds from escrow, providing mortgage and title fees, and updating the deed of the house to your name. Basically, come closing day, you and the seller sign all the necessary papers to officially seal the deal.
Do you own the house the day of closing?	Closing on a house means you will take ownership of the property. Closing day is the official date on which the ownership of the house, or the title, transfers from the seller to the buyer. In a traditional home sale, closing day typically occurs four to eight weeks after the offer is accepted.
Which of the following closing activities occurs on the day of closing?	Day of closing. On the day of closing, the buyer signs the agreement with their lender so that the lender can issue money to the seller for the home purchase. At the same time, the seller legally transfers the title of the home to the new owner.
Can a deal fall through after closing?	There are numerous reasons a deal could fall through on or after closing day, including buyer's/seller's remorse, missing documents, and more. But it's also possible your loan could be denied at the last minute. And you, the buyer, don't have financing, the deal is off.
What do you wear to closing?	It doesn't matter how you dress, whatever makes you comfortable. All the buyer wants is your money (you most likely won't even see him) and the lender only cares that your credit is good.
What happens on the day you close?	What Happens at Closing? On closing day, the ownership of the property is transferred to you, the buyer. This day consists of transferring funds from escrow, providing mortgage and title fees, and updating the deed of the house to your name.
What to expect in the days before closing?	At least three business days before closing, your lender must send you a Closing Disclosure. This form lists all final terms of your loan such as closing costs and the details of who pays and receives money at closing. Review each cost carefully ahead of time and compare it to your original Loan Estimate.
How should a seller prepare for a closing?	Plan for the following: Cooperate with the home inspector and lender's appraiser. Contact your lender to start mortgage payoff process. Keep the house in good condition. Negotiate or repair anything the buyer's inspector finds. Notify your utility companies of a final service date. Schedule the closing for your new home.
What happens 3 days before closing?	Your lender is required by law to give you the standardized Closing Disclosure at least 3 business days before closing. This is what is known as the Closing Disclosure 3-day rule. This requirement is thanks to the TILA-RESPA Integrated Disclosures guidelines, which went into effect on October 3, 2015.
Do you report foreign property to IRS?	Yes, you must report foreign properties on your U.S. tax return just like you would report any owned U.S. property. To do that, you first need to know what type of ownership you have because it affects what tax forms you must file.
Do I have to pay tax on property sold overseas?	When you sell a property overseas, you're responsible for capital gains taxes — or taxes you owe when you sell a property for more than you paid for it. You must report any capital gains on Form 1040, Schedule D in USD.
How do I avoid capital gains tax on foreign property?	If you sell your foreign property, you may be able to make a 1031 exchange (also called a like-kind exchange), in which you swap one investment property for another similar property on a tax-deferred basis. 14 Many investors use this strategy to defer paying capital gains and depreciation recapture taxes.
What are the disadvantages of putting your house in trust?	The key disadvantages of placing a house in a trust include the following: Extra paperwork: Moving property in a trust requires the house owner to transfer the asset's legal title. This involves preparing and signing an additional deed, and some people may consider this cumbersome.
Is transferring assets to a trust a taxable event?	A revocable trust does not pay taxes. For federal and California income tax purposes, the assets in the trust are treated as belonging to you.
How do I transfer my mortgage to a trust?	A grantor may place a mortgaged home in a living trust by signing a warranty or quitclaim deed from the current owners to the trust. In this case, the deed would name the living trust as grantee and would be and recorded just like any other property transfer.
Do I have to pay taxes if I sell a house in another country?	When you sell property or real estate in the U.S. you need to report it and you may end up owing a capital gains tax. The same is true if sell real estate overseas, and we don't recommend trying to avoid a capital gains tax on foreign property.
Do you have to pay US taxes on foreign property?	Do US Citizens Have to Pay Taxes on Foreign Property? All US citizens must file a yearly tax return regardless of where they live in the world. When filing your return, you must report your worldwide income. This includes any gain or loss from selling a foreign property and rental income.
Do I pay taxes if I sell a property abroad?	Hear this out loudPauseIf your foreign property did not qualify as a primary residence, you will be subject to the standard capital gains tax rates. If the foreign property you sold is regarded by the IRS as an investment property, you will need to pay the standard capital gains tax rate without any deductions.
What is the capital gains tax on foreign currency?	Hear this out loudPauseHow Am I Taxed for Forex Trading? If you trade 1256 contracts, your trades are taxed at 60% long-term capital gains and 40% short-term capital gains. If you're trading 988 contracts, you treat losses and gains as ordinary (taxed at your income tax bracket level).
What happens if you inherit property in another country?	The IRS doesn't tax foreign inheritances, but individual states might. That being said, you may have to pay taxes on an inheritance if you live in another country. Generally, the IRS doesn't touch foreign inheritances.
How much of house rent allowance is exempt from income tax	The House Rent Allowances that the employer gives. 50% of the employee's salary is eligible for HRA tax exemption if they live in any of the Metro cities of
What is the average timeline for closing on a house?	According to an Origination Insight Report by ICE Mortgage Technology, as of September 2021, the average time to close on a home purchase was 50 days. The average time to close varies based on loan type and the state of the housing market, but the variation is relatively small.
What happens on the date of closing?	This is the date when the seller will be fully moved out of the home, and you will be able to move in. Keep in mind that the closing date is usually at least one month after the purchase offer has been accepted. It can take even longer if you run into unexpected hurdles during the closing process.
What is the difference between closing date and date of sale?	1 Answer. The sale "closes", i.e.: becomes final, at a certain date at which the transfer deed is recorded by the escrow/title company. Until that moment the sale is not closed, and as such - not final.

• Why does it take 30 days to close?
  • Mortgage underwriting (30–60 days) The mortgage underwriting process takes the biggest chunk of time when closing on a home. This is where lenders assess the risk of giving you money (in other words, how likely you are to repay the home loan you borrow).
• Why does closing take 45 days?
  • Keep your lender in mind Most people schedule the closing date for 30-to-45 days after the offer has been accepted – and they do this for good reason. Mortgage lending is a document- and labor-intensive process that requires the various players to coordinate many different steps.
• Do you have to pay taxes on foreign property?
  • When United States citizens sell foreign real estate, they may have to pay a capital gains tax. The capital gains tax is applied to all United States citizens' capital gains, regardless of where the gain is made and whether capital gains taxes are levied on these profits in other countries.
• How do I report the sale of land to the IRS?
  • Use Form 1099-S to report the sale or exchange of real estate.
• What is the meaning of rent allowance?
  • money given to individuals by the government that subsidises the cost of renting a property. Collins English Dictionary.
• What do you wear on a closing day?
  • It doesn't matter how you dress, whatever makes you comfortable. All the buyer wants is your money (you most likely won't even see him) and the lender only cares that your credit is good.
• What is the closing statement when selling a house?
  • The closing statement, also called a closing disclosure or settlement statement, is essentially a comprehensive list of every expense that either the buyer and seller must pay to complete the purchase of a home (or whatever the property is).
• What are the steps that you go through when you are closing a sale?
  • Topics
    • Closing sales in 7 steps (or less)
    • 1Send through the costs.
    • 2Ask for the sale.
    • 3Address your prospect's concerns.
    • 4Prepare to negotiate.
    • 5Use the right sales closing technique.
    • 6Follow up with your prospect.
    • 7Know when to move on.
• What IRS section is rental property?
  • If you rent real estate such as buildings, rooms or apartments, you normally report your rental income and expenses on Form 1040 or 1040-SR, Schedule E, Part I. List your total income, expenses, and depreciation for each rental property on the appropriate line of Schedule E. See the Instructions for Form 4562 to figure
• What is Section 80GG of income tax?
  • Section 80GG is a provision under the Income Tax Act that allows a taxpayer or an assessee to claim a deduction for the rent paid towards his/her accommodation. The deduction can be claimed by all individuals – salaried or self-employed, including those without any income.
• What classification is rent income?
  • While rental income is almost always considered to be passive, there are a few possible exceptions to the rule. The IRS may treat income from rental property as active if: The rental property owner is classified as a real estate professional.
• Can I deduct rent in IRS?
  • Rent is the amount of money you pay for the use of property that is not your own. Deducting rent on taxes is not permitted by the IRS. However, if you use the property for your trade or business, you may be able to deduct a portion of the rent from your taxes.
• Does the IRS consider rent income?
  • You generally must include in your gross income all amounts you receive as rent. Rental income is any payment you receive for the use or occupation of property. Expenses of renting property can be deducted from your gross rental income. You generally deduct your rental expenses in the year you pay them.
• How much of a tax write off is rent?
  • California: If you paid rent for at least half of the year and make less than $49,220 for single filers or married filing separately (or $98,440 for married filing jointly, head of household, or qualified widower), you may be eligible for a tax credit of $60 – $120.
• Can I deduct rental property expenses and take the standard deduction?
  • Next, the rental property owner will add up their deductions to see if they are more than the standard deduction. If not, the property owner will use the standard deduction. In this way, you can still take the standard deduction while getting the benefit of property taxes (to offset rental income).
• What is the $25000 rental loss limitation?
  • The maximum amount of the special allowance that you can claim during the tax year is $25,000 ($12,500 if you're married but file separate returns). You can deduct up to $25,000 in passive losses against your ordinary income if your modified adjusted gross income (MAGI) is $100,000 or less.
• What is the pass through tax deduction for landlords?
  • The pass-through deduction allows qualifying real estate investors to deduct up to 20% of net business earnings from their income taxes. Taking advantage of deductions in real estate can lead to significant tax savings.
• Do you have to pay taxes in the US if you sell property overseas?
  • U.S. capital gains tax on selling foreign property. When you sell property or real estate in the U.S. you need to report it and you may end up owing a capital gains tax. The same is true if sell real estate overseas, and we don't recommend trying to avoid a capital gains tax on foreign property.
• What is the personal residence exclusion for foreign property?
  • A principal residence abroad is any property you have lived in for at least two of the last five. When you sell your principal residence, you are eligible for a gain exclusion of $250,000 USD, or $500,000 USD for married principal owners.
• What is the 121 exclusion for foreign residence?
  • Section 121 of the US Internal Revenue Code allows for the exclusion of up to $250,000 ($500,000 for a married couple filing jointly) in gains arising from the sale of a “principal residence.” The exclusion applies whether the residence is located Stateside or overseas.
• Do I need to declare foreign property in USA?
  • Owning Foreign Real Estate as an Individual United States citizens should note that they must file Form 8938 if they have significant assets outside of the United States, yet foreign real estate is not required to be reported.
• What is house rent allowance in salary
  • HRA, or House Rent Allowance, is a wage given by employers to staff members to cover housing costs associated with leasing a home. The HRA is a crucial part 
• What is additional house rent allowance
  • What is House Rent Allowance? An employee receives a house rent allowance (commonly referred to as HRA in India) from their employer as part of their gross 
• Is there US capital gains tax on selling overseas property?
  • Depending on the details of the sale, an expat may or may not have to pay a capital gains tax. Technically, all capital gains made by a US citizen are taxable. This is true regardless of whether you are selling US property or foreign property.
• Do I have to pay US taxes on foreign property?
  • Do US Citizens Have to Pay Taxes on Foreign Property? All US citizens must file a yearly tax return regardless of where they live in the world. When filing your return, you must report your worldwide income. This includes any gain or loss from selling a foreign property and rental income.
• Can you be taxed in the US for the sale of a UK property?
  • As a US citizen or Green Card Holder, your worldwide income is subject to US tax. If you have purchased a home in the UK and sell it on, you will have to report this sale on your US income tax return for the year the sale occurred.
• How do I enter a foreign property sale on Turbotax?
  • You would enter this as a sale of a second home in Turbo Tax under federal>wages and income>less common income>Sale of home(gain or loss).
• How do I report a house sale in a foreign country?
  • There are three forms you'll need to fill out when reporting the sale of your foreign property:
    1. Form 8949. You'll start off by reporting the short- or long-term sale of your capital asset on Form 8949.
    2. Schedule D. This is the form where you calculate your capital gains and losses for the year.
    3. Form 1040.
• What does closing on a house means?
  • The “closing” is the last step in buying and financing a home. The "closing,” also called “settlement,” is when you and all the other parties in a mortgage loan transaction sign the necessary documents. After signing these documents, you become responsible for the mortgage loan.
• What is the purpose of the closing of a sale?
  • Sales closing is the final and most crucial step in the process of convincing a prospect to agree to a deal and make a purchase or sign a contract. It's how sales professionals hit their targets and, ultimately, how businesses generate revenue.
• Is settlement and closing the same thing?
  • Closing and settlement are often used interchangeably, but they are not exactly the same thing. Closing is the final step of the transaction, where the buyer and the seller sign the documents and exchange the keys. Settlement is the process of transferring the title, paying the fees, and recording the deed.
• House rent under which section of income tax
  • Feb 27, 2023 — If you don't receive HRA (House Rent Allowance) but pay rent, you can still get a tax deduction on the rent paid under Section 80 GG of the 
• Does the IRS consider rental income as earned income?
  • Earned income generally requires withholding and paying federal, state, and local income tax and FICA. Rental income is usually taxed as passive income, similar to stock dividends or real estate investment trust (REIT) distributions. Tax on rental income is paid based on an investor's marginal income tax rate.
• What are disadvantages of putting property in trust?
  • The key disadvantages of placing a house in a trust include the following: Extra paperwork: Moving property in a trust requires the house owner to transfer the asset's legal title. This involves preparing and signing an additional deed, and some people may consider this cumbersome.
• Who usually represents the lender at a closing?
  • The bank attorney represents the lender in the transaction, and is there to make sure the loan documents are executed correctly. The buyer's attorney sometimes is authorized to double as the bank attorney. Of course, the closing might involve some other support personnel, chiefly paralegals and other assistants.