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Training Course Syllabus:

Learn the Fundamentals of Real Estate Closings

Are you confident in your abilities to close complex real estate transactions? Are you behind on current trends or looking to learn new ways to navigate the process? This fundamental course will provide you with current procedural guidelines and tools necessary to handle your transactions from contract to closing. The world of real estate is ever-changing and remaining up to date on legislative requirements and best practices is vital for success. Don't miss this opportunity to learn the latest information and techniques to guarantee a positive experience. Register today!

• Walk through the real estate closing process and procedures with useful checklists.
• Understand current RESPA requirements necessary for HUD compliance.
• Know the critical steps for a successful closing.
• Review local procedures to properly record deeds.
• Maintain an ethical practice by avoiding conflicts of interest and attorney pitfalls.

1. STEPS PRECEDING THE PROPERTY CLOSING
   9:00 - 10:00, Charles T. Engel
   1. Real Estate Transaction Preparation Checklist
   2. Correctly Defining the Property's Legal Description
   3. When to Use Easements vs. Licenses vs. Leases
   4. Overview of Title Examination Procedures
   5. The Purchase Contract and its Importance
   6. Financial and Non-Financial Encumbrances
   7. Title Insurance – Coverage and Use
   8. The Title and Survey Review Function
   9. Post-Contract Due Diligence
   10. Loan Commitments – Lender vs. Borrower
2. RESPA: NECESSARY INFORMATION FOR COMPLIANCE
   10:15 - 11:15, Brian M. Jacques
   1. RESPA Fundamentals
   2. RESPA at the Time of Loan Application
      1. Special Information Booklet
      2. Good Faith Estimate (GFE)
      3. Mortgage Servicing Disclosure Statement
   3. Disclosures before Settlement
      1. Affiliated Business Arrangement (AfBA) Disclosure
      2. HUD-1 Settlement Statement
      3. HUD-1A
   4. Disclosures at Settlement
      1. Initial Escrow Statement
   5. Disclosures after Settlement
      1. Annual Escrow Statement
      2. Servicing Transfer Statement
   6. Statutes Clarified: Consumer Protections and Illegal Practices
      1. Section 8: Kickbacks, Fee-Splitting, Unearned Fees
      2. Section 9: Seller Required Title Insurance
      3. Section 10: Limits on Escrow Accounts
   7. RESPA Enforcement
      1. Civil Law Suit
      2. Loan Servicing Complaints
      3. Filing a RESPA Complaint
3. SPECIAL CONSIDERATIONS FOR COMMERCIAL AND INVESTMENT TRANSACTIONS
   11:15 - 12:15, Kellee P. Dunn-Walters
   1. Entity Formation Issues (Including Special Purpose Entities)
   2. Letter of Intent
   3. CAP Rate
   4. Hazardous Materials and Zoning Concerns
   5. Advising Your Client how to Appropriately Take Title
   6. 1031 Exchanges – Issues & Tracking
4. THE CLOSING
   1:15 - 2:15, Written by Karl R. Phares. Presented by Karl R. Phares in Overland Park and Kelle Dunn-Walters in Topeka
   1. Closing Checklist
   2. Closing Documents and Procedures: A Step-by-Step Guide
      1. Types of Deeds
      2. Closing Statement
      3. How to Fulfill Escrow Instructions
   3. Types of Closings: Escrow and Roundtable
   4. What to do When Closings go Bad
5. PROCEDURES FOR RECORDING THE DEED
   2:30 - 3:30, Kellee P. Dunn-Walters
   1. Requirements for a Valid Deed
   2. How to Acknowledge the Grantor's Signature (Notary and Witness)
   3. Documentary Stamps and Fees
   4. Electronic Filing Procedures and Concerns
   5. Key Issues by County and County Line Discrepancies
6. ETHICAL CHALLENGES IN REAL ESTATE
   3:30 - 4:30, Roberta L. Wilkes
   1. Applying the Rules of Professional Conduct
      1. Good Faith Required in Real Estate Transactions
      2. Lawyers and Title Insurance Companies
      3. Trust Accounts
   2. Predatory Lending Practices – Attorney Pitfalls
   3. Holding of Escrowed Funds
   4. Disclosure of Defects
   5. Spotting and Avoiding Conflicts of Interest

Seminar Summary:

This fundamental course will provide you with current procedural guidelines and tools necessary to handle your transactions from contract to closing. (see full course description)

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