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Introduction to the Course

Introduction to the Course. Instructor. Frederick L. (Rick) Hauck, Jr. Mailbox location: Newport Hall, 2nd Floor Mailroom Email Address: rnhauck@comcast.net Telephone number: 508-230-9591 Website: home.comcast.net/~rnhauck . Course Description.

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Introduction to the Course

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  1. Introduction to the Course

  2. Instructor Frederick L. (Rick) Hauck, Jr. • Mailbox location: Newport Hall, 2nd Floor Mailroom • Email Address: rnhauck@comcast.net • Telephone number: 508-230-9591 • Website: home.comcast.net/~rnhauck

  3. Course Description Provides students with a practical understanding of the various procedures and legal principles related to real estate.

  4. Course Text Lynn T. Slossberg, The Essentials of Real Estate Law for Paralegals, 2d Ed. Thompson Delmar Learning

  5. Grading Examinations (2 Total @ 25 points each) 50% Assignments (2 Total @ 25 points each) 50% Total 100%

  6. Course Outline PART I - FUNDAMENTAL CONCEPTS OF REAL ESTATE LAW • Ethics and Real Property Practice • Basic Principles of Real Estate Law • Categories of Real Property • Ownership Restrictions • Legal Descriptions of Property • Real Estate Brokers • The Basic Real Estate Contract • Deeds • Liens on Property • Financing • Title Examination and Title Insurance

  7. Course Outline (cont’d) PART II - THE CLOSING: RESIDENTIAL, COMMERCIAL, AND CONSTRUCTION LOAN CLOSINGS • Introduction to the Closing • Residential Real Estate Closings • Commercial Real Estate Closings • Construction Loan Closings PART III - LANDLORD/TENANT LAW • Residential Leases • Commercial Leases • Eviction Procedures

  8. Course Outline (cont’d) PART IV - REAL ESTATE LITIGATION • Overview of Real Estate Litigation • Mortgage Foreclosures

  9. Attorneys’ Roles in Real Estate Transactions Attorney for Seller: • confers with Client • reviews or prepares Purchase and Sale agreement and negotiates about its terms, including who should hold the deposit • prepares Deed and Power of Attorney if necessary • deals with title issues raised by the Lender’s Attorney • attends closing and reviews papers which Seller is required to sign • escrows and special arrangements to correct title, complete construction or assure possession • transfer of security deposits and notices to Tenants • obtains account numbers/phone numbers for existing lien holders • arranges for 6d Certificates/Insurance Certificates/Release of Right of First Refusal (if any) if condo

  10. Attorneys’ Roles in Real Estate Transactions (cont’d) Attorney for Buyer: • confers with Client, including issues such as how to take title, information on type of property to be purchased (i.e., single family, multi-family), and financing issues • reviews Offer to Purchase • reviews or prepares Purchase and Sale agreement and negotiates about its terms, including who should hold the deposit • advises concerning financing and tailoring of purchase and sales terms to Lender's requirements • reviews the various inspections • reviews title examination with Lender's Attorney • attends closing and reviews papers which Buyer is required to sign • sets up escrows and special arrangements to correct title, complete construction or assure possession • arranges title insurance protection for Buyer against losses due to title defects, if desired • transfer of security deposits and notices to Tenants

  11. Attorneys’ Roles in Real Estate Transactions (cont’d) Attorney for Lender: • orders and reviews Examination of Title • orders and reviews Plot Plan • orders and reviews Municipal Lien Certificate • drafts Note, Mortgage, Deed and other necessary papers • prepares for the closing, signing all papers, obtaining mortgage fund, acceptance of the Deed, recording • estimates closing costs • pays-off existing mortgage and liens and obtains discharges or releases • sets up escrows and special arrangements to correct title, complete construction or assure possession • prepares mandatory reports to IRS • records all documents properly • certifies title to the Buyer and Lender and prepares Title Insurance policies • discusses and considers a Declaration of Homestead with the Buyer

  12. Course Learning Outcomes At the completion of this course, the student should be able to describe: • The nature of ownership and real estate rights. • The various forms of ownership and titles. • The nature and effects of easements, liens, and of restriction on title. • The features of Condominiums and Cooperatives. • The Deed and recording system for transferring title. • The Torrens Registration System. • The features of a Brokerage Contract and of a Purchase and Sale Contract. • The major rules of Fair Housing and residential tenancy laws. • The various types of Mortgages and other methods of financing. • The closing process and the function of escrow accounts.

  13. Real Estate Paralegal Firm seeks RE Paralegal for immediate 4 month contract assignment. Position assists with purchase/sale of high-end complex RE including preparing HUD statements, title policies, and purchase/sale agreements. Candidate must have exp. performing registry title searches and researching the Corporations Dept databases. An independent thinker/proactive self-starter is a plus. Word, PC Docs and accounting software preferred. Send resume and salary expectations in confidence, via e-mail or mail to: ____________________. No phone calls please.

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