Practical Skills: Real Estate Transactions -- Residential Property (NY)
- Publisher:
- New York State Bar Association
- Publication date:
- 2021-04-30
- ISBN:
- 978-1-57969-156-1
Index
- I. Introduction
- II. Precontract Matters Retainer Letter
- A. Gramm-Leach-Bliley Act
- B. Relations with Real Estate Brokers
- III. Counseling the Client Regarding Financing
- A. Financing
- B. The Application
- C. Underwriting
- D. Loan Documents
- E. Subprime Home Loans and High-Interest-Rate Home Loans
- lV. The Contract
- A. Inspections and Environmental Concerns
- B. Form of Ownership to be Reflected in Contract and Deed
- C. Standard Contract Provisions and Requirements
- V. Special Contract Considerations—Capacity of the Parties
- A. Infants
- B. Incapacitated Persons
- C. Estates
- D. Trusts
- E. Powers of Attorney
- F. Corporations
- G. Partnerships
- H. Limited Liability Companies
- I. Parties in Bankruptcy
- VI. Property Condition Disclosure Statement
- VII. New Home Construction Contracts
- A. General
- B. Down Payment
- C. Implied Warranty
- VIII. Condominium Units
- A. Condominium Defined
- B. Newly Constructed Or Unsold Condominium Units
- C. Resale of A Condominium Unit
- D. Legal Issues Regarding Condominiums
- X. The Abstract of Title Versus Title Insurance
- A. The Abstract of Title
- B. Title Insurance
- C. Title Insurance Policies
- XI. Surveys
- XII. Preparing For Closing
- A. The Mortgage Commitment
- B. Preparation of Documents
- C. Affidavits
- D. Firpta
- E. Occupancy Agreements
- F. Basic Rules For Exemption From Gain and Reporting of Gain—Irs Form 1099-S
- G. Ordering Mortgage Payoff Letters
- H. Purchase Money Financing Documents
- I. Mortgage Tax Considerations
- J. Closing Statement
- XIII. The Closing
- A. Preparation
- B. Special Issues Arising At Closing
- XIV. Recording of Documents
- A. Electronic Recording
- B. Acris
- C. Prep
- XV. Post-Closing
- XVI. Star Program
- Residential Real Estate—Index of Forms