Real Estate Transactions Outline

Real Estate Transactions Outline - REAL ESTATE TRANSACTIONS...

Info icon This preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
1 REAL ESTATE TRANSACTIONS OUTLINE Professor Halpern Spring 2004 B ASIC E LEMENTS OF THE R EAL E STATE T RANSACTION 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 square4 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 square4 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.
Image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern