REPRESENTING THE BUYER
·
Engagement and Obligations
·
Standard Contract of Sale and
Key Buyers’ Riders
·
Pre- and post-Contract Due Diligence
·
Preparing for the Closing
·
The Closing Itself
·
Post Closing
·
Key Issues in Co-op and Condo
Purchases
·
Ethical Concerns
REPRESENTING
THE SELLER
·
Engagement and Obligations
·
Standard Contract of Sale and
Key Sellers’ Riders
·
Pre- and post-Contract Due Diligence
·
Preparing for the Closing
·
The Closing Itself
·
Post Closing
·
Key Issues in Co-op and Condo
Sales
·
Ethical Concerns
THE
REAL ESTATE BROKER
·
How the Real Estate Broker Impacts
Counsel for Buyer
·
How the Real Estate Broker Impacts
Counsel for Seller
·
How the Real Estate Broker Impacts
Counsel for Lender
·
Broker’s Role Prior to Contract
·
Role at Closing
THE
MORTGAGE BROKER
·
How the Mortgage Broker Impacts
Counsel for Buyer, Seller and
Lender
·
The Co-op Board
·
Rate Locks
·
Commitments
·
Applications
·
Notes and Mortgages
·
Role at Closing
THE TITLE REPORT
·
Use and Significance of Title
Report
·
Reading the Title Report
·
Title Insurance
·
Co-ops, the Lien Search and UCC
Filings
·
The Title Company’s Role at Closing
THE
ROLE OF BANK COUNSEL
·
Representing the Lending Bank
o
Clearing the Loan
o
Pre-Closing Steps
o
Role at the Closing
o
Post Closing Steps
·
Representing the Payoff Bank
·
Special Issues in Co-op and Condo
Transactions
·
Ethical Concerns
LITIGATION ISSUES ARISING FROM
RESIDENTIAL CLOSINGS
·
Breaches of Representations and
Warranties
·
Title Issues
·
Hot Issues
Instructor: Thomas Wiggin
