Examine the Procedures and Documents Specific to Residential Transactions
Tired of trying to piece together snippets of residential transaction wisdom from commercial real estate seminars? Then this seminar is for you. Walk through the residential real estate transaction process with our experienced practitioners – examining fundamental procedures, contract forms, financing and common pitfalls. Gain practical tips to successfully perform cost-effective due diligence and lead clients through property deals. Whether you're new to the residential real estate arena or just need a practical refresher, this course is full of useful information specifically tailored to your practice. Register today! Study each step of the residential transaction for a successful outcome that fulfills client expectations.
- Stay up-to-date on the rights and obligations established by federal, state and local laws governing residential real estate transactions.
- Prevent potential financing pitfalls by knowing the ins and outs of all lending options.
- Examine the legalities of the standard purchase and sale contract and find out what modifications can reduce protections.
- Ensure buyers are adequately protected against losses caused by an invalid title.
- Know what crucial documents to review during due diligence and what findings are clues to walk away.
- Learn cost-effective strategies for comprehensive due diligence on a small budget.
- Confidently prepare and review closing documents with tips and techniques from experienced practitioners.
- Be prepared for last-minute surprises and post-sale issues to stop deals from becoming transactional nightmares.
- Make sure everyone is on the same page before getting to the closing table: know the best ways to guide clients through confusing contract language to ensure a clear understanding of the deal.
THE TRANSACTION PROCESS AND RIGHTS INVOLVED
9:00 - 10:30, Jason P. Lueking
- The Residential Real Estate Transaction Process and the Roles of Parties Involved
- The Buyer's and Seller's Rights
- Homestead Exemptions
- Mortgage Discrimination Under the Equal Credit Opportunity Act (ECOA) and the Fair Housing Act (FHA)
- Key Obligations in the Realtor's Code of Ethics
- Reviewing the Brokerage Agreement
- Protecting Commission and Fair Compensation for Services
PURCHASE AND SALE CONTRACTS
10:45 - 12:00, Jeffrey A. Abrams
- Effective Negotiation Techniques
- Is an Oral Contract Valid?
- Standard Forms and Language
- Most Common Issues to Address in the Purchase Agreement
- Disclosures, Inspections and Contingencies
- Caveats Regarding Relying on Standard Forms and Modifying Them
- Earnest Money Considerations
DUE DILIGENCE PROCEDURES AND COST-EFFECTIVE STRATEGIES
1:00 - 2:15, Jeffrey A. Abrams
- Due Diligence Obligations and Checklist of Procedures
- Top Ten Reasons to Have Property Surveyed
- Title Examination and Other Crucial Documents to Review
- Protections Afforded by Title Commitments, Opinions and Insurance
- Satisfying Title Requirements and Exceptions
- Addressing Issues Not Covered by Title Insurance or Title Examination
- The Importance of the Property Appraisal
- Protecting Against Environmental Liability
- Effective Coordination Techniques and Strategies to Control Costs
THE CLOSING PROCESS
2:15 - 3:15, Mary A. Slade
- Roles of All Parties Involved in Closing
- Pre-Closing Preparation: Drafting the Closing Statement and Ensuring Everything is in Place
- Homeowners Insurance
- Preparing and Reviewing the Deed, Mortgage, Bill of Sale and Other Closing Documents
- Explaining Legalese to Your Client
- The Closing Process: The People, Documents, and Procedures
- Handling Last-Minute Surprises at Closing
- Post Closing Procedures and Recording the Transaction
- Resolving Issues That can Arise After the Sale
ETHICS IN PROPERTY CONVEYANCE
3:30 - 4:30, Jason P. Lueking
- Unlawful Practice of Law
- Multiple Representation During Transactions
- Conflicts of Interest – Duty to Prior and Potential Clients
- Disclosing Defects
- Predatory Lending