2007 Annual Convention. Real Property Seminar

Transcription

1 2007 Annual Convention Real Property Seminar Real Property Section 3.0 General CLE Hours May 16-18, 2007 Cincinnati

2 CONTRIBUTORS Charles F. Allbery III Allbery Cross & Fogarty Dayton, Ohio B.A., The Ohio State University; J.D., University of Dayton School of Law. Professional Memberships: Ohio State Bar Association (Section Counsel, Real Property Section; Chair, Continuing Legal Education Committee); Dayton Bar Association (Real Estate Committee); Leadership Dayton Association (Treasurer, Board of Trustees); University of Dayton School of Law Alumni Association (Trustee); Miami Valley Land Title Association. Mr. Allbery has served as an Instructor of Mortgage and Real Estate Finance at the University of Dayton School of Law, and as an Instructor of Real Property Law for the Department of Finance at Wright State University. His private practice is concentrated upon the areas of real estate law, probate and estate planning and small business representation. James L. Gosdin Stewart Title Guaranty Company Houston, Texas Mr. Gosdin received his bachelor s degree from the University of Texas and his juris doctorate from the University of Texas School of Law. Professional Memberships: American Land Title Association (Forms Committee; Liaison Committee with the National Association of Insurance Commissioners; Reinsurance Committee; Bylaws and the State Legislative and Regulatory Action Committee); American Bar Association; Texas Bar Association; Houston Bar Association; Texas Title Standards Joint Editorial Board; Texas State Library and Archives Commission (Electronic Recording Advisory Committee); American College of Mortgage Attorneys (Fellow); American College of Real Estate Lawyers. Mr. Gosdin is Senior Vice-President, Senior Underwriting Counsel and Chief Reinsurance Counsel for his company where he underwrites title insurance transactions throughout the United States, reinsurance transactions and international title insurance transactions. He is Board Certified by the Texas Board of Legal Specialization in farm and ranch, commercial and residential real estate. Mr. Gosdin was named the Title Person of the Year by the Texas Land Title Association. In 1995, he wrote the ABA publication, Title Insurance: A Comprehensive Overview. Mr. Gosdin s 2000 revision of Title Insurance: A Comprehensive Overview, Second Edition is available through ABA Book Publishing. Jay A. Rosenberg Attorney at Law Cincinnati, Ohio B.S., Wharton School of the University of Pennsylvania; J.D., University of Michigan Law School. Professional Memberships: Ohio Land Title Association; Cincinnati Bar Association (Real Estate Law Section; Bankruptcy Law Section; Continuing Education Law Section); Ohio State Bar Association (Section Counsel, Real Estate Law Section); Kentucky State Bar Association (Real Estate Law Section); Southwestern Ohio Land Title Association (Trustee); Banker s Club. Mr. Rosenberg is a State of Ohio Title Insurance Agent. He is a frequent lecturer for programs and seminars throughout Ohio on various topics, including real estate, title insurance and bankruptcy. Arthur D. Weber Jr. Wood & Lamping LLP Cincinnati, Ohio B.A., University of Dayton; J.D., Northern Kentucky University Salmon P. Chase College of Law. Professional Memberships: American Bar Association (Real Property Section; Probate and Trust Section); Ohio State Bar Association (Section Counsel, Real Estate Section); Cincinnati Bar Association (Real Estate Section); Association of Attorney-Mediators; Chair, Workforce Development Association. Mr. Weber has an extensive practice in real estate, banking, business and estate planning. He has a great deal of experience in the representation of lenders in commercial and residential transactions and is very familiar

3 with the operations of commercial and community banks and has served as an officer and director of two financial institutions. In addition, Mr. Weber advises buyers, sellers, landlords, tenants and contractors in real estate transactions. He is experienced in the representation of individuals and many types of businesses and is licensed to practice in Ohio and Kentucky. Mr. Weber is a trained mediator and practices as a mediator in a variety of areas of law. He can be identified with a common sense approach to the practical applications of law as it affects the needs of his clients.

4 Real Property Seminar Session # 503 Chapter 1 The 2006 ALTA Forms James L. Gosdin Background of 2006 Policy Development Format of New 2006 Basic Policy Forms Laundry Lists of Covered Risks New Coverages Other Expansions of Coverage Exclusions Schedules Conditions Short Form Loan Policy Revisions Revised Commitments Revised Reinsurance Agreements Adoption of New and Revised Endorsements (Endorsements Revised or Adopted 6/17/06) Conforming Changes to Existing and New Endorsements to Issue with 2006 Policies (-06 Endorsements) De-Certification of 1992 Polices and Applicable Endorsements Exhibit 1 Owner s Policy of Insurance Exhibit 2 Loan Policy of Title Insurance Exhibit 3 Commitment for Title Insurance Exhibit 4 Title Insurance Commitment Exhibit 5 Endorsement 7.1 (Manufactured Housing Conversion; Loan) Exhibit 6 Endorsement 7.2 (Manufactured Housing Conversion; Owners) Exhibit 7 Endorsement 9.3 (Restrictions, Encroachments, Minerals Loan Policy) Exhibit 8 Endorsement 9.4 (Restrictions, Encroachments, Minerals Owner s Policy Unimproved Land) Exhibit 9 Endorsement 9.5 (Restrictions, Encroachments, Minerals Owner s Policy Improved Land) Exhibit 10 Endorsement 14.3 (Future Advance Reverse Mortgage) Exhibit 11 Endorsement 22 (Location) Exhibit 12 Endorsement 22.1 (Location and Map) Exhibit 13 Short Form Residential Loan Policy Exhibit 14 Ohio Endorsements Exhibit 15 Ohio Closing Protection Letter PowerPoint Presentation New ALTA Forms Other New Forms New ALTA Forms Format of the 2006 ALTA Policy Laundry List of Coverage Coverage for Electronic Transactions Survey Coverage: Coverage Risk 2(c) Taxes, Taxes, Taxes Gap Coverage Governmental Exclusions from Exclusions Become Covered Risks Covered Risk 13 Creditors Rights in Loan Policy Covered Risk 9 Creditors Rights in Loan Policy Lien and Lien Position Schedule A Changes Exciting Changes in Conditions How Much Will We Owe? Endorsements

5 Chapter 2 Ohio Endorsements Other New Forms New Reinsurance Agreements The End Protecting the Buyer and Seller in Residential Real Estate Transactions Jay A. Rosenberg Protecting the Buyer and Seller in Residential Real Estate Transactions Exhibit A The Folly of Buying a Home Without Legal Advice Exhibit B Notice of Availability and Offer of Closing Protection Coverage...2.7

6 1 The 2006 ALTA Forms * James L. Gosdin Stewart Title Guaranty Company Houston, Texas * Disclaimer: The opinions expressed herein are those of the author and not of Stewart Title Guaranty Company or the American Land Title Association. They express the views of the author but each person should independently review and determine the applicable law and interpretation of the forms and should not rely upon this material in any transaction.

7 The 2006 ALTA Forms 1.1

8 1.2 Real Property Seminar

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136 Protecting the Buyer and Seller in Residential Real Estate Transactions Jay A. Rosenberg Attorney at Law Cincinnati, Ohio 2

137 Protecting the Buyer and Seller 2.1

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