Practical Skills: Real Estate Transactions -- Residential Property (NY)

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