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Contents Preface xiii Chapter 1 INTRODUCTION TO THE LAW OF REAL PROPERTY 01 Real Property Law 02 Laws That Govern Real Property Transactions 02 Real Property Versus Personal Property 02 Physical Elements of Real Property 02 Ownership of Real Property 05 Case: Ex Parte Brown 06 Methods of Acquiring Ownership to Real Property 07 Inheritance and Devise 07 Gift 07 Contract and Sale 07 Adverse Possession 07 History of American Real Property Law 09 Modern-Day Estates in Real Property 09 Role of Legal Assistant in Real Estate Legal Practice 12 Ethics: Introduction 14 Summary 14 Key Terms 15 Review Questions 15 Case Problems 15 Practical Assignments 15 Chapter 2 CONCURRENT OWNERSHIP 17 Types of Concurrent Ownership 18 Joint Tenancy with Right of Survivorship 18 Tenancy in Common 19 Tenancy by the Entirety 21 Community Property 21 Agreements of Cotenancy 24 Checklist: Agreement of Cotenancy 24 Concurrent Ownership and the Role of the Legal Assistant 29 Other Legal Entities 30 Corporations 30 General Partnerships 30 Limited Partnerships 30 Limited Liabilities Companies 31 Ethics: Unauthorized Practice of Law 31 Summary 31 Key Terms 32 Review Questions 32 Case Problems 32 Practical Assignment 33 Addendum 33 Community Property Agreement 33 Co-ownership Chart 35 Chapter 3 SURVEYS AND LAND DESCRIPTIONS 36 The Survey 37 Preparation of Surveys and Survey Standards 38 Land Descriptions 39 Government Rectangular Survey Description 39 Platted Description 43 Metes and Bounds Description 44 Practice Tips for Reviewing a Survey 49 Ethics: Competency 51 Summary 51 Key Terms 52 Review Questions 52 Practical Assignments 52 Addendum of Sample Surveys and Legal Descriptions 52 Platted Description Survey 53 Metes and Bounds Description 54 Metes and Bounds with Use of Interior Angles 55 Metes and Bounds Survey-E. Ponce de Leon Property 56 Metes and Bounds Survey-Mohawk Trail Property 57 Metes and Bounds Survey-West Pine Valley Road 58 Metes and Bounds Survey with Legal Description-Willow Creek Property 59 ALTA/ASCM 1999 Survey Standards 60 Survey Review Checklist 64 Chapter 4 PUBLIC REGULATION AND ENCUMBRANCES 66 Public Regulation 67 Zoning 67 Building Codes and Subdivision Regulations 68 Environmental Protection Laws 68 Case: Shackford & Gooch, Inc. et al. v. The Town of Kennebunk et al. 69 Environmental Law on the Internet 72 Power of Eminent Domain 72 Taxation 73 Federal and State Income Tax Liens 74 Private Encumbrances 74 Judgment Liens 74 Mechanics' and Materialmen's Liens 74 Mortgages and Trust Deeds 76 Easements 76 Restrictive Covenants 76 Ethics: Abandonment of Work 76 Summary 77 Key Terms 77 Review Questions 77 Practical Assignments 77 Addendum 78 R-4 Single-Family Residential District Regulations 78 CVI Community Business District Regulations 81 Townhouse Restrictions 85 Chapter 5 EASEMENTS AND LICENSES 95 Easements 96 Creation of Easements 96 Checklist: For Preparation of an Easement 99 Case: Russakoff v. Scruggs 101 Termination of Easements 104 Licenses 104 Practice Tips for the Legal Assistant 105 Ethics: False Witness 105 Summary 106 Key Terms 106 Review Questions 106 Case Problems 107 Practical Assignments 107 Addendum: Forms and Exhibits 107 Sanitary Sewer Easement and Ingress and Egress Easement 108 An Electric Power Company Right-of-Way Easement 110 Chapter 6 CONTRACTS 112 Requirements of a Valid Contract 113 Legal Capacity to Contract 113 Mutual Agreement 116 Consideration 118 Lawful Purpose 118 Written Agreements 118 Remedies for Breach of a Real Estate Contract 119 Specific Performance 119 Money Damages 119 Rescission 120 Liquidated Damages 120 Real Estate Broker 123 Case: Southeastern Land Fund, Inc. v. Real Estate World, Inc. 121 Agency Relationship 123 Services Provided by a Real Estate Broker 124 Listing Agreements 125 Open Listing 125 Exclusive Listing 125 Exclusive Right-to-Sell Listing 125 Real Estate Brokers and the Internet 129 Taxation and the Sale of Real Property 129 Federal Income Tax 129 Federal Income Tax on the Sale of a Home 130 Federal Income Tax on the Sale of Commercial Property 130 Summary 131 Ethics: Commingling of Client Funds 132 Key Terms 132 Review Questions 133 Case Problems 133 Practical Assignments 134 Chapter 7 PREPARATION AND REVIEW OF A REAL ESTATE CONTRACT 135 Sydney's Real Estate Contract 136 Elements in a Real Estate Contract 137 The Parties 137 Consideration 137 The Agreement 138 The Property 138 The Price 139 The Method of Payment 139 Quality of Title 141 Possession of the Property 142 Closing or Settlement 142 Closing or Settlement Documents 143 Proration, Closing Costs, and Financial Adjustments 144 Condition of the Property and Risk of Loss 145 Earnest Money 146 Brokers 147 Survival 148 Assignment of Contract 148 Time Is of the Essence 149 Warranties of the Parties 149 Contingencies 150 Definitions 151 Default 151 Notice 151 Entire Agreement 151 Applicable Law 152 Additional Provisions 152 Offer and Acceptance 152 Execution 152 Caveat Emptor and the Seller Disclosure Form 153 Special Commercial Contract Issues 154 Description of the Property 154 Representations, Warranties, and Convenants 154 Purchaser's Inspection or "Free Look" 155 Closing Documents 155 Rent Prorations 157 Lease Commissions 158 Security Deposits 159 Seller's Covenants Regarding Operation of Property 159 Hazardous Materials 160 Idemnification 160 Seller's Disclaimer of Warranty 161 Options 161 Checklist: For Preparation or Review of Commercial Real Estate Contract 162 Contracts and Computers 165 Ethics: Illegal or Fraudulent Activity 165 Summary 166 Key Terms 166 Review Questions 166 Case Problems 166 Practical Assignments 167 Addendum 167 Purchase and Sale Agreement 169 Contract for Purchase and Sale of Large Tract of Vacant Land 174 Sellers Property Disclosure Statement 180 Contract for Purchase and Sale of Retail Shopping Center 185 Option to Purchase 201 Chapter 8 DEEDS 202 Historical Development of Deeds 203 Types of Deeds 204 General Warranty Deed 204 Limited (Special) Warranty Deed 205 Case: Lunsford v. King 206 Quitclaim Deed 206 Executors and Administrators Deeds 207 Trustee's Deeds 207 Basic Requirements of a Valid Deed 207 Written Instrument 207 Competent Grantor 208 Identity of the Grantee 208 Words of Conveyance 208 Description of the Property 208 Consideration 208 Signature of Grantor 208 Witnesses of Deeds 208 Delivery to Grantee 209 Preparation of a Valid Deed 209 Caption 209 Premises or Preamble 209 Granting Clause 209 Description 209 Habendum 209 Warranty Clause 210 Testimonium 211 Completing Sections of a Deed 211 Preamble 211 Granting Clause 212 Description 212 Testimonium 213 Practical Exercises in Deed Preparation 214 Correction of Deeds 218 Reformation and Cancellation of Deed 218 Practical Tips for the Legal Assistant 219 Grantor 220 Grantee 220 Legal Description 220 Witnessing a Deed 220 Ethics: Falsification of Documents 221 Checklist: For Preparing a Deed 221 Summary 222 Key Terms 222 Review Questions 222 Case Problems 222 Practical Assignments 223 Addendum 223 General Warranty Deed-North Carolina 224 General Warranty Deed-Texas 226 Warranty Deed (Joint Tenancy)-Illinois 228 Limited Warranty Deed-Georgia 229 Quitclaim Deed-Georgia 230 Quitclaim Deed-California 231 Executor's Deed-New York 232 Administrator's Deed-Georgia 234 Trustee Deed-Georgia 235 Chapter 9 FINANCING SOURCES IN REAL ESTATE TRANSACTIONS 236 Sources of Mortgage Loans 237 Savings and Loan Associations 237 Commercial Banks 237 Mutual Savings Banks 238 Life Insurance Companies 238 Credit Unions 238 Pension Funds 238 Mortgage Banking Companies 238 Issuers of Mortgage-Backed Bonds 239 Types of Loans 239 Conventional Loans 239 Insured or Guaranteed Loans 239 Sub-Prime L:ending 240 Private Mortgage Insurance 240 Secondary Market 241 Fannie Mae and Freddie Mac 241 Permanent and Construction Loans 241 Interest 242 Payment Plans 242 Ethics: Overbilling 244 Summary 244 Key Terms 244 Review Questions 244 Case Problems 245 Practical Assignements 245 Addendum 245 Amortization Calculator 246 Schedule of Direct Reduction Loan 247 Chapter 10 LEGAL ASPECTS OF REAL ESTATE FINANCE 259 Promissory Note 260 Endorsement 261 Payment 262 Prepayment 263 Usury 264 Execution 264 Practice Tips for the Legal Assistant 264 Guaranty 264 Case: Acord v. Jones 265 Mortgages, Deeds of Trust, and Security Deeds 266 Requirements of a Mortgage 266 Checklist: Preparation of a Note 267 Parties to a Mortgage 268 Secured Debt 268 Secured Property 269 Assignment of Mortgage 269 Transfer of Property Encumbered by a Mortgage 269 "Subject to" versus "Assumption" 270 Cancellation or Satisfaction of Mortgage 271 Second Mortgage Loans 271 Foreclosure and Other Mortgage Remedies 273 Foreclosure 273 Remedies Other Than Foreclosure 274 Waiver of Default 275 Debtor's Remedies or Defenses to Foreclosure 275 Injunction 275 Suit for Conversion 275 Bankruptcy 275 Ethics: Confidentiality of Client Information 276 Summary 277 Key Terms 277 Review Questions 278 Case Problems 278 Practical Assignments 279 Addendum 279 Fannie Mae/Freddie Mac Residential Fixed Rate Note 280 Fannie Mae/Freddie Mac Residential Adjustable Rate Note 283 Commercial Loan Note 287 Payment Guaranty 291 Florida Mortgage 293 North Carolina Deed of Trust 296 Iowa-Fannie Mae/Freddie Mac UniformInstrument 298 Georgia Commercial Deed to Secure Debt 314 Chapter 11 MORTGAGE FORMS AND PROVISIONS 317 Residential Mortgage Provisions 318 Transfer of Rights in the Property 318 Uniform Covenants 318 Nonuniform Covenants 320 Commercial Mortgage Provisions 320 Assignment of Rents and Leases 337 Security Agreement 337 Books, Records, and Financial Statements 338 Hazardous Waste 338 Nonrecourse or Exculpation Provisions 339 Miscellaneous Commercial Loan Documents 340 Security Agreement and Financing Statement 340 Assignment of Rents 342 Construction Loan Agreement 342 Role of the Legal Assistant 344 Ethics: Misrepresentation 344 Summary 345 Key Terms 345 Checklist: Preparation of a Mortgage 345 Review Questions 346 Case Problems 346 Practical Assignments 347 Addendum 347 Assignment of Leases and Rents 348 Construction and/or Development Loan Agreement 348 Chapter 12 TITLE EXAMINATIONS 357 Bona Fide Purchaser for Value Rule 358 Recording Statutes 360 Case: City of Richland Hills v. Bertelsen 361 Practice Tips for Ordering a Title Examination 362 Information Needed to Do an Examination 363 Examining Title to Real Property 364 Place to Search 364 Period of Examination 364 What to Search 364 Reviewing the Various Instruments in the Chain of Title 366 Other Things to Examine 366 Preliminary Title Report 368 Title Examination Example 368 Title Defects and Problems 370 Record Title Holder 370 Breaks in the Chain of Title 371 Errors in Prior Recorded Deeds 371 Name Variances 372 Improper and Missing Power of Attorney 372 Sales Contracts, Options, and Leases 372 Unsatisfied or Unreleased Mortgages 372 Notice of Lis Pendens 373 Easements 373 Restrictive Covenants and Conditions 373 Mechanics' and Materialmen's Liens 374 UCC Financing Statements 374 Judgment Liens 374 Tax Liens 374 Title through Estates 375 Role of a Legal Assistant and Practice Tips 376 Record Rooms Embrace New Technology 377 Ethics: Document Falsification 377 Summary 378 Key Terms 378 Checklist: Ordering or Performing a Title Examination 378 Review Questions 379 Case Problems 379 Practical Assignments 380 Chapter 13 TITLE INSURANCE 381 Owner's Policy 383 Insuring Provisions of an ALTA Owner's Policy 384 Exclusions from Coverage 385 Case: Title & Trust Company of Florida v. Barrows 386 Schedule A 388 Schedule B 390 Mortgage or Loan Policies 393 Insurance Provisions 394 Miscellaneous Provisions 395 Endorsements 396 Construction Title Insurance 397 Claims Procedures under Title Insurance Policies 397 Commitments for Title Insurance 397 Practice Tips for the Preparation and Review of a Title Insurance Commitment 398 Practice Tips for the Preparation and Review of a Title Insurance Policy 399 Title Insurance and the Internet 401 Ethics: Personal Conflict of Interest 401 Summary 402 Key Terms 402 Checklist: Preparation of a Title Insurance Policy 402 Review Questions 403 Case Problems 403 Acknowledgment 404 Practical Assignment 404 Addendum 404 Owners' Policy-ALTA 405 Owner's Affidavit 411 Completed Owner's Policy of Title Insurance 412 Loan Policy 414 Zoning Endorsement 420 Comprehensive Endorsement 421 Survey Endorsement 422 Access Endorsement 423 Contiguity Endorsement 423 Usury Endorsement 424 Utility Facility Endorsement 425 Subdivision Endorsement 425 Title Commitment 426 Title Opinion 430 Title Examination Form for Practical Assignment 433 Title Commitment Forms for Practical Assignment 435 Chapter 14 REAL ESTATE CLOSINGS 438 The Environment 439 Anatomy of a Real Estate Closing 440 File Creation 441 Information Gathering 441 Reviewing the Real Estate Contract 441 Contact with Seller, Purchaser, and Broker by the Legal Assistant 442 Checklist: Closing 443 Ordering the Title Examination 446 Ordering the Survey 448 Ordering Hazard and Fire Insurance 448 Obtaining the Termite Clearance Letter or Bond 449 Reviewing the Title Examination 449 Satisfaction of Loans and Liens 449 A Legal Assistant's Review of the Mortgage Loan Commitment 451 Parties 451 Loan Amount 451 Interest Rate 451 Term of Loan 452 Repayment Terms 452 Prepayment Terms 452 Security 452 Appraisal 452 Insurance 452 Escrow 453 Title Insurance 453 Survey 453 Compliance with Law 453 Financial Documents 453 Documents 453 Defaults and Late Charges 454 Commitment Fee 454 Loan Expenses 454 Closing and Commitment Expiration Date 454 Disbursement of Loan Proceeds 454 Acceptance of a Loan Commitment 454 Assignability 454 Checklist: Loan Commitment for a Residential Loan 455 Checklist: Loan Commitment for a Commercial Loan 456 Special Provisions in a Construction Loan Commitment 461 Hazardous Waste 461 Leasehold Loans 461 The Closing and Aftermath 462 Disbursing, Recording, and Transmitting Final Documents 463 Final Closeout by the Legal Assistant 463 Checklist: Real Estate Closing 464 New Technology for Document Production 466 Ethics: Conflicts of Interest 467 Summary 467 Key Terms 468 Review Questions 468 Practical Assignments 468 Acknowledgments 468 Addendum 468 Sample Contract for Closing Checklist 469 Mortgage Loan Commitment 472 Chapter 15 GOVERNMENT REGULATION OF REAL ESTATE CLOSINGS 477 Real Estate Settlement Procedures Act 478 Transactions Subject to RESPA 478 Exemptions from RESPA 479 Required Disclosures and Prohibitions of RESPA 479 Truth-in-Lending Act 481 Disclosures for Closed-End Real Property Transactions 481 Insurance Charges 483 Exempt Transactions from Truth-in-Lending 483 Right of Rescission 483 Home Ownership Equity Protections Act 484 Adjustable Interest Rate Disclosures 485 Types of Loans Covered by ARM Disclosure Requirements 485 When Must ARM Disclosures Be Made? 485 Content of the Disclosure 486 Subsequent Disclosures 486 Index Requirements 486 Interest Rate Cap 486 Checklist: Disclosure Forms 487 Ethics: Communication with Parties Represented by an Attorney 487 Summary 488 Key Terms 488 Review Questions 488 Case Problems 488 Acknowledgment 489 Addendum 489 HUD-1 Settlement Statement 490 Truth-in-Lending Disclosure Statement 492 Rescission Model Form (General) 493 Nonrescind Statement 493 Chapter 16 REAL ESTATE CLOSING FORMS AND EXAMPLES 494 Affidavits 495 Title Affidavit 496 Hazardous Waste Affidavit 496 Affidavit of No Change 496 Same Name Affidavit 496 Similar Name Affidavit 496 Foreign Person Affidavit 497 Sale and Transfer Documents 498 Deed 498 Bill of Sale 499 Assignment of Warranties 501 Assignment of Leases 501 Assignment of Contracts 501 Loan Documents 501 Miscellaneous Real Estate Closing Documents 504 Corporate Resolution 504 Agreement Regarding Survival of Loan Commitment 504 Indemnity of Fees 504 Attorney's Opinion 506 Compliance Agreements 511 1099-B Report Form 511 Settlement or Closing Statement 511 Residential Closing Example 519 Checklist: Residential Closing Example 519 Title Examination 520 Title Commitment 520 Survey 520 Corporate Resolution 520 Foreign Person Affidavit 520 Owner's Affidavit 520 Transfer Tax Certificate 521 Warranty Deed 521 Bill of Sale 521 Termite Letter 521 Truth-in-Lending Disclosure Statement 521 Borrower's Affidavit 521 Promissory Note 521 Deed to Secure Debt 521 Hazard Insurance 521 Settlement Statement 522 Ethics: Case Problem 524 Summary 525 Key Terms 525 Review Questions 525 Case Problems 525 Practical Assignments 526 Addendum 527 Sales Contract 528 Loan Commitment 530 Title Examination 531 Corporate Resolution 531 Foreign Person Affidavit 532 Owner's Affidavit 533 Transfer Tax Certificate 534 Warranty Deed 535 General Warranty Bill of Sale 536 Truth-in-Lending Disclosure Statement 537 Owner's Affidavit 538 Promissory Note 540 Security Deed 543 Settlement Statement 559 Chapter 17 CONDOMINIUMS AND COOPERATIVES 561 Condominium 562 Birth of a Condominium 562 Articles and Bylaws of Condominium Association 563 Case: Forest Villas Condominium Association, Inc. v. Camerio et al. 565 Practice Tips for the Legal Assistant 566 Cooperative 566 Checklist: Condominium Checklist 567 Differences between Condominiums and Cooperatives 567 Time-Shares 568 Ethics: Legal Assistant Correspondence 568 Summary 569 Key Terms 569 Review Questions 569 Case Problems 569 Practical Assignments 570 Addendum 570 State Condominium Act Requirements for Declaration 570 Condominium Declaration 573 State Condominium Code Requirements for Condominium Plat 583 Articles of Incorporation 585 Condominium Association Bylaws 587 Chapter 18 LEASES 595 Common Law and Leases 596 Commercial Lease Provisions 596 Parties to Lease 597 Premises 597 Use 597 Term 598 Possession and Commencement of the Rent 598 Rent 598 Percentage Rent 598 Gross versus Net Lease 601 Rent Escalation Clauses 602 Maintenance and Alterations of Premises 603 Insurance 604 Damage or Destruction to the Premises 604 Obligation of Repair 605 Condemnation and Eminent Domain 605 Default 605 Landlord's Remedies for Tenant's Default 605 Landlord's Right to Perform Tenant's Obligations 606 Landlord's Lien 608 Grace Periods 608 Tenant's Remedies for Landlord's Default 609 Quiet Enjoyment 609 Surrender the Premises 609 Estoppel Certificate 610 Memorandum of Lease 610 Limitation on the Landlord's Liability 610 Assignment, Subletting, or Mortgaging of the Leased Premises 611 Special Sublease Issues 612 Provisions Normally Contained in a Sublease 613 Lease Guaranty 613 Checklist: Preparation of a Residential Lease 614 Checklist: Preparation of Commercial Lease 615 Ethics: Legal Needs of the Poor 617 Summary 617 Key Terms 617 Review Questions 617 Case Problems 618 Practical Assignments 618 Addendum 618 Estoppel Certificate 619 Short-Form Memorandum 620 Subordination, Attornment, and Nondisturbance Agreement 621 Guaranty of Lease 624 Home or Apartment Lease 626 Small Commercial Retail Space Lease 628 GLOSSARY 631 INDEX 639Stitched Jersey Badgers Montee College Ball 28 Red
Marcus Stitched 33 Jersey White Allen Trojans
Marcus Stitched 33 Jersey White Allen Trojans Library of Congress Subject Headings for this publication:
Vendors and purchasers -- United States.
Real property -- United States.
Real estate business -- Law and legislation -- United States.
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