Real Estate Transactions Outline

Real Estate Transactions Outline - REAL ESTATE TRANSACTIONS...

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1 REAL ESTATE TRANSACTIONS OUTLINE Professor Halpern Spring 2004 BASIC ELEMENTS OF THE REAL ESTATE TRANSACTION Arranging the Deal An Introduction to the Conveyancing Industry STEPS in a Simple Land Transfer (2): Buyer consults a real estate agent Buyer employs an atty to draft K and steer through the legal and financial shoals that lie ahead After B has signed the K he will require two things: credit and assurance that the seller has good title to convey Linked b/c the mortgagee will also demand proof of title Closing: brings all interested parties together and permits them to execute and deliver necessary documents simultaneously with the payment of the purchase price and the settlement of the cost of the transactions Record deed and mortgage LAWYERS: Role: Often residential work comes to the atty’s attention in mid-transaction – most significantly, after the K of sale has been executed. In residential sales, the atty’s role is limited by the K, and is limited to interpreting the K as the executory pd proceeds. DOCUMENTS in the Typical Transaction: Atty may involved in the preparation of all of these documents, ranging from filing them out to drafting them completely Broker’s listing agmt The Contract of Sale The Note, along with a mortgage or deed of trust: financing instruments Closing Documents o Deed from vendor to purchaser o Account for the money changing hands in the course of the transaction o Protect the lender from defenses to the note or mortgage o Protect the purchaser’s title as offered by the vendor s Ex. title cert of an atty or title insurance policy Title Cert is necessary to ensure that the vendor is entitled to transfer the title and that the title is “marketable” – that is, in such a state that it can be sold in the future Title Insurance designed to provide a remedy for abstracting mistakes, as well as to protect against interests that the abstractor could not discover by searching the public records. o Protect against both record and non-record defects. o Indicating compliance with various state and federal consumer and regulatory statutes Obligations to Client / Professional Responsibility Absent a client’s informed consent to an alternative arrangement, attys representing clients must exercise “ independent professional judgment ” on their behalf, judgment free of self-dealing, and dual representation Before accepting representation, attorney must consider o Competency o Conflicts of Interest s Multiple Clients: b4 a lawyer may represent multiple clients, he should explain fully to each client the implications of the common reps and accept or continue employment only if the client consents. s
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This note was uploaded on 02/13/2008 for the course LAW 7002 taught by Professor Halperin during the Spring '04 term at Yeshiva.

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Real Estate Transactions Outline - REAL ESTATE TRANSACTIONS...

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