Handle Real Estate Closings with Skill and Efficiency
Real estate closings are a maze of confusion that require a skilled attorney to successfully navigate. Ensuring proper timing of seemingly disparate elements is critical to ensure harmonious closings that don't lead to further issues down the road. It is essential for attorneys to analyze key transaction documents, resolve potentially devastating title defects, handle closing funds with efficiency and more. This course will provide you with the information you need to confidently orchestrate the real estate closing process from start to finish - register today!
- Review sale agreements, create title commitments and coordinate key transaction elements before the closing date.
- Analyze title reports and cure mortgage-related title defects, fix legal description errors and more.
- Confidently resolve critical last-minute closing issues that have the potential to derail the whole deal.
- Tie up any loose ends that may unravel after the closing, such as post-closing title issues and releases of pre-existing liens.
- Ensure you are up to speed with recent RESPA changes, including new forms, necessary record retention procedures and more.
All times are shown in Eastern time
- PRECEDING THE CLOSING DATE
10:00 - 11:00, Michael R. Garner
- Opening the Closing: How to Get Started
- Review of the Sale Agreement
- Reading a Title Report and Turning it into a Commitment
- Insured Closing Letters vs. a Title Policy
- Coordinating a Settlement Date and Items Not to be Forgotten
- The Reports Arrive: Reading Payoff Letters, Title Searches, Tax Searches Surveys and Other Data
- Receipt of Closing Package from the Lender
- Preparing the Settlement Statement, Using the Lender's Instructions and Sale Agreement
- Circulation of Documents for Approval Prior to the Closing
- Other Documents Involved
- RESOLVING TITLE DEFECTS BEFORE CLOSING
11:00 - 12:00, John Paul Parks
- Breaks in Chain of Title
- Unresolved Probate Issues
- Mortgage-Related Defects
- Easements and Encroachments
- Legal Description Errors
- Strategically Employing Title Insurance Endorsements
- PROPER CLOSING PROCEDURES
12:15 - 1:15, Michael R. Garner
- The Role and Duties of the Settlement Agent
- Resolving Last Minute Issues at the Closing Table
- Document Signing
- Obtaining Identification
- Originals or Copies?
- Preparing the Documents for Recording
- Receipt and Handling of Funds from All Parties
- Deposits, Disbursements and Holdbacks
- Reconciling Funds Received on the Settlement Statement
- POST CLOSING PROCEDURES: TYING UP LOOSE ENDS
1:45 - 2:45, Michael R. Garner
- Final Recording Information or Certificate from Attorney
- Conducting Post-Closing Title Searches
- Releases of Pre-Existing Liens
- Policy Preparation
- Preparing and Returning the Closing Package to the Lender
- Resolving Any Remaining Closing Issues
- RECENT RESPA CHANGES: THE MECHANICS OF COMPLIANCE
2:45 - 3:45, John Paul Parks
- Navigating the New Loan Estimate and Closing Disclosure
- Restrictions on Costs and Fees
- Limits on Closing Costs
- Necessary Record Retention Procedures
- New Definitions of APR
- Effects of New APR Thresholds
- How RESPA Changes Affect Title Agents
- ETHICAL CONSIDERATIONS
4:00 - 5:00, John Paul Parks
- Applying the Rules of Professional Conduct
- Good Faith Required in Real Estate Transactions
- Lawyers and Title Insurance Companies
- Trust Accounts
- Representation of Multiple Clients - Conflicts of Interest
- Disclosure of Defects in Property
This course on real estate closings is designed for attorneys. Real estate professionals, title professionals and paralegals may also benefit.