UNIVERSITY OF BALTIMORE SCHOOL OF LAW SPRING SEMESTER 2017

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1 UNIVERSITY OF BALTIMORE SCHOOL OF LAW SPRING SEMESTER 2017 Course: Instructor: Days/Time: Location: Law 753 Real Estate Finance Section Credits Scott Walchak, Esq E mail: swalchak@ubalt.edu Office Hours: By appointment Mondays & Wednesdays 4:45 6:00 pm Room assignments are available through MyUB. Course Description: Real estate financing including mortgages, mortgage substitutes, rights and duties of mortgagor and mortgagee, foreclosure, priorities and selected other topics. Prerequisites: Contracts I and II; Property. Course Materials: Reading materials and Sample Transactional Documents will be made available in class. Student Learning Outcomes:: Students will learn the fundamentals of real estate transfers with a focus on the mechanics of finance and the collateralization of real estate. Particular emphasis will be on transactional approaches to real estate finance including analysis of typical instruments that make real estate transfers and finance possible. Grades: Your grade will be calculated as follows: Class Preparation & Participation 20% Final Exam 80% Course Expectations: American Bar Association Standards for Law Schools establish guidelines for the amount of work students should expect to complete for each credit earned. Students should expect approximately one hour of classroom instruction and two hours of out of class work for each credit earned in a class, or an equivalent amount of work for other academic activities, such as simulations,

2 externships, clinical supervision, co curricular activities, and other academic work leading to the award of credit hours. Reading materials may be assigned in addition to the required analysis and preparation for in class discussion of the assigned sample transactional materials. Sample documents will be provided in advance of each class where they will be discussed and you will be expected to demonstrate that you have read and reflected on the issues raised in the assigned materials. Any revisions to the schedule or assignments will be noted to you in advance and the syllabus adjusted accordingly. Attendance: Class attendance is a primary obligation of each student whose right to continued enrollment in the course and to take the examination is conditioned upon a record of attendance satisfactory to the professor. A student who exceeds the maximum allowed absences (generally 20% of class sessions) as illustrated below may be compelled to withdraw from the course, or may be barred from sitting for the final exam. Students who are forced to withdraw for exceeding the allowed absences may receive a grade of FA (failure due to excessive absence). This policy is consistent with American Bar Association Standards for Law Schools. Regular Semester Hours Credit Hours Meetings Per Week absences 5 absences 3 2 absences 5 absences 4 5 absences Course Web Page: This course will have a LEXIS or TWEN webpage that links to this syllabus, announcements, assignments and class materials. You are responsible for self enrolling in the webcourse and you should check the webcourse regularly. Computers Students may use laptop computers for class related purposes. However, any disruptive computer use in class will affect the student s participation grade. Class Cancellation If the instructor must cancel a class, notices will be sent to students via and posted on the classroom door. If there is inclement weather, students should visit the University of Baltimore web site or call the University's Snow Closing Line at (410) If the University is open, students should presume that classes are running on the normal schedule. Academic Integrity Students are obligated to refrain from acts that they know or, under the circumstances, have reason to know will impair the academic integrity of the University and/or the School of Law. Violations of academic integrity include, but are not limited to: cheating; plagiarism; misuse of

3 library materials; use of another s book or study materials without consent; unapproved multiple submissions; material misrepresentation of one s academic history or standing; misrepresentation of any academic matter; intentionally giving another student false or inaccurate information about class requirements; inappropriate discussion of exams; and misrepresenting or falsifying class attendance reports. [Reference to School of Law Honor Code ] Title IX Sexual Misconduct and Nondiscrimination Policy: The University of Baltimore s Sexual Misconduct and Nondiscrimination policy is compliant with Federal laws prohibiting discrimination. Title IX requires that faculty, student employees and staff members report to the university any known, learned or rumored incidents of sex discrimination, including sexual harassment, sexual misconduct, stalking on the basis of sex, dating/intimate partner violence or sexual exploitation and/or related experiences or incidents. Policies and procedures related to Title IX and UB s nondiscrimination policies can be found at: Disability Policy If you are a student with a documented disability who requires an academic accommodation, please contact Leslie Metzger, Director of Student Services, at or lmetzger@ubalt.edu. ASSIGNMENTS JANUARY The Contract and Players DATE : 1/9/17 Introduction to Land Transfer and Finance READING: None Distribute: Contract of Sale DATE: 1/11/17 Contract of Sale READING: Contract of Sale DATE: 1/16/17 Martin Luther King Holiday No Class DATE: 1/18/17 Maryland Specifics for Contract of Sale Distribute: Maryland Broker Contract

4 DATE: 1/23/17 Brokers and Agents READING: Maryland Broker Contract Distribute: Lawyer Representation Agreement DATE: 1/25/17 Lawyer Representation READING: Lawyer Representation Agreement The Title DATE: 1/30/17 Quality of Title Distribute: Title Report FEBRUARY DATE: 2/1/17 Title Report I READING: Title Report DATE: 2/6/17 Title Report II READING: Title Report DATE: 2/8/17 Priority and Notice Distribute: Land Records DATE: 2/13/17 Land Records READING: Land Records DATE: 2/15/17 Protection Lenders & Buyers and Off Record Risks Distribute: Title Commitment

5 DATE: 2/20/17 Title Protection I READING: Title Commitment Distribute: Title Policy DATE: 2/22/17 Title Protection II READING: Title Policy Distribute: Appraisal The Value DATE: 2/27/17 Appraisal READING: Appraisal Distribute: Survey and Inspection Reports MARCH The Asset DATE: 3/1/17 Surveys and Inspections READING: Survey and Inspection Reports Distribute: Loan Commitment and Closing Package The Closing DATE: 3/6/17 Closing READING: Loan Commitment and Closing Package Distribute: Mortgage and Deed of Trust The Security DATE: 3/8/17 Mortgage and Deed of Trust I READING: Mortgage and Deed of Trust

6 DATE: 3/13/17 Mortgage and Deed of Trust II Distribute: Junior, Construction, and Other Instruments DATE: 3/15/17 Junior, Construction, and Other Debt Instruments READING: Junior, Construction, and Other Instruments Distribute: Intercreditor Agreement DATE: 3/20/17 Multiple Debt Instruments READING: Intercreditor Agreement The Payment DATE: 3/22/17 Pre Foreclosure Distribute: Workout Agreement DATE: 3/27/17 Non Foreclosure Remedies and Workouts READING: Workout Agreement DATE: 3/29/17 Foreclosure I Distribute: Foreclosure Documents DATE: 4/3/17 Foreclosure II READING: Foreclosure Documents Distribute: Indemnity Deed of Trust and Other Security Instruments April

7 Other Security DATE: 4/5/17 Other Security READING: Indemnity Deed of Trust and Other Security Distribute: Ground Lease DATE: 4/10/17 Ground Lease & Leasehold Mortgage I READING: Ground Lease DATE: 4/12/17 Ground Lease & Leasehold Mortgage II READING: Ground Lease Distribute: Lease DATE: 4/17/17 Sale Leaseback READING: Lease DATE: 4/22/17 Summary READING: None MAKE UP CLASS DATE: 4/24/17 Make Up Work READING: TBD FINAL EXAM TAKE HOME