This comprehensive primer will provide you with everything you need to know to handle the innumerable matters involved in residential real estate practice. At each site, attorneys well versed in residential real estate practice, will provide an overview of the entire sale transaction, from contract through closing. In the process, you’ll learn proven strategies for avoiding common mistakes, overcoming problem situations, and effectively and efficiently handling residential real estate transactions.
Learn everything you need to know to confidently handle residential real estate transactions in your practice, including:
Contract of Sale
- Pre-printed forms of contract
- Negotiation and amendment of contract
- Three-day attorney review period
- Deposit monies
- Inspections
- Contingencies
- Representations and their survival
- Warranties
- Zoning and permitted uses
- Quality of title
- Exculpatory provisions
- Brokerage commissions
- Time of the essence
- Default
- Occupancy of Property prior to or after closing.
Preparation for Closing
- Contract contingencies
- Title searches
- Survey
- Mortgage requirements and commitment;
- Title commitment
- Calculating adjustments.
Closing Documentation from Buyer
- Notice of settlement
- Mortgagor’s affidavit of title
- Mortgagee’s documents
- Compliance with mortgagee’s requirements
- Documentation to remove title exceptions
- Homeowners insurance and paid premium receipt
- Preparation of Closing Disclosure
- Funds due from buyer
Closing Documentation from Seller
- Deed
- Affidavit of title
- Survey affidavit
- Documentation to remove title exceptions
- IRS form 1099
- Approval of Closing Disclosure
- Deliveries to buyer of certificate of
occupancy, smoke detector certificate
real estate tax bill, unexpired warranties
and keys
Title and Mortgage Closings
- Time and place of closings
- Title “rundown”
- Approval of mortgagee for closing
- Mortgagee’s closing figures
- Transmission of closing package and funds
- Compliance with mortgagee’s final closing instructions
- Mortgagee’s documentation
- Payments to mortgagee
- Title closing
Post-Closing Procedures
- Submission of documents for recording
- Payoff of seller’s mortgage
- Return of mortgagee’s closing package
- Documentation required by title insurance company
- Payments to third parties
- Follow-up on recorded instruments
- Cancellation of seller’s mortgage
- Owner’s and mortgagee’s policies of title insurance
NJ CLE information: This program has been approved by the Board on Continuing Legal Education of the Supreme Court of New Jersey for 3.9 hours of total CLE credit.
| Credits |
| NJ CLE: This program has been approved for 3.9 credits (50 minute hour) |
| PA CLE: 3.0 substantive credits pending ($12 fee – separate check payable to NJICLE must be submitted at the end of the program) |
| NY CLE (t&n/t): 2.0 skills and 2.0 practice management credits |
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Door Registration: $180