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2020 Edition Real Estate Closings for Paralegals

Real Estate Closings for Paralegals

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Page 1: Real Estate Closings for Paralegals

2020 Edition

Real Estate Closings for Paralegals

Page 2: Real Estate Closings for Paralegals

All Courses. All Formats. All Year.

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ABOUT USLawPracticeCLE is a national continuing legal education company designed to provide education on current, trending

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Page 3: Real Estate Closings for Paralegals

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Page 4: Real Estate Closings for Paralegals

REAL ESTATE CLOSINGS FOR PARALEGALS

By: John Collen*

Sponsored By: LawPracticeCLE

THIS PRESENTATION IS NOT LEGAL ADVICE

* John Collen is a partner at SmithAmundsen LLC, where his practice focuses on insolvency, restructuring and debtor/creditor matters. He is an adjunct professor in Bankruptcy LLM Program at St. John’s University Law School in New York, and fellow of the American College of Bankruptcy.

He has been named an Illinois Super Lawyer every year since 2007. He may be reached at [email protected] or (312) 455-3901.

Page 5: Real Estate Closings for Paralegals

A. Closing Goals

B. The Concept of an “Escrow Closing”

C. The Role of the Paralegal and Two Major Practice Tips

I. INTRODUCTION

Page 6: Real Estate Closings for Paralegals

A. Overview

B. Another Practice Tip

II. A BASIC LIST OF CLOSING

DOCUMENTS

Page 7: Real Estate Closings for Paralegals

1. Sale Contract

2. Escrow Instructions

3. Deed (and Reconveyance Deed)

4. Settlement Statement (Closing Statement)

5. Title Policy (and Gap Undertakings)

C. Some Key Documents

Page 8: Real Estate Closings for Paralegals

6. Mortgagee’s (Lender’s) Title Policy

7. Mortgage & Note

8. Payoff Letter for Existing Lender

9. UCC Termination Statements for Existing Lender (or, rarely, Assignments)

10. Fixture Filings

C. Key Documents (cont’d)

Page 9: Real Estate Closings for Paralegals

11. UCC Financing Statements

12. Release of Fixture Filings (or, rarely, Assignments)

13. Release of Mortgage(s) for Existing Lender(s) (or, rarely, Assignment)

14. Lease Assignments with Lessee Acknowledgements (or Novations)

C. Some Key Documents (cont’d)

Page 10: Real Estate Closings for Paralegals

15. Lending Disclosures

16. RESPA (Residential Transactions)

17. Corporate Authorizations

18. Corporate Certificates of Good Standing and Authorization to Transact Business

19. Opinion Letters

C. Some Key Documents (cont’d)

Page 11: Real Estate Closings for Paralegals

20. Surveys

21. FIRPTA Affidavit

22. Owner’s Affidavit

C. Some Key Documents (cont’d)

Page 12: Real Estate Closings for Paralegals

Case No. 1:The Easement No One Read

Case No. 2:The Seller With No Authority

III. TWO CAUTIONARY TALES

Page 13: Real Estate Closings for Paralegals

A. Introduction

B. The Requirement of Competence

C. Know Who the Client Is

D. Have Radar for Conflicts

E. Maintain Confidentiality

F. Communicate Early and Often

IV. ETHICS

Page 14: Real Estate Closings for Paralegals

V. CONCLUSION