PL215 Real Estate Law

Transcription

1 PL15 Real Estate Law Course Objectives Upon successful completion of this course, the student will be able to: 1. Outline the role of the paralegal and the legal team in various real estate transactions;. Use standard real estate and title terminology appropriately when communicating verbally or in writing; 3. Describe the ethical and professional responsibilities of the paralegal and the legal team when handling real estate transactions; 4. Explain real estate concepts correctly when working with documentation, clients and other parties involved in a transaction; 5. Prepare the required estate documentation for various real estate transactions using the appropriate tools, formats and research resources; and 6. Summarize the forms of property ownership and the conditions associated with each form of ownership Learning Unit 1 Objectives: All - Preparation for Discussion: hours 1- Chapter 1: The Reality of Real Estate Chapter 1: The Reality of Real Estate -4 Chapter : The Real Estate Transaction: Listings, Disclosure, and Agency resources as determined by your Practical Exercise: Ask students to identify an easement on their property or in their locale. Students should describe the easement, its location, purpose and if possible, its owner. Chapter : The Real Estate Transaction: Listings, Disclosure, and Agency 1- Homework/Assignments: Listing Agreements 1) Please complete an Open Listing Agreement using Fact Pattern B (see Exercise 1 on page 88). You will have to create your own Open Listing Agreement form using the information found in the example on page 47. Be sure to create that form and adjust the language (for example state, etc.) based on the information presented in Fact Pattern B. Save and submit your open listing agreement to your ) In addition, please submit your response to the following question: Define the purpose of an exclusive listing agreement and discuss how it is different than an open listing agreement. Course Project 1 - Case of John & Martha on pages Complete Assignment for John and Martha on pages

2 Exam 1 Learning Unit Objectives: 1,, 3, 4, 5 - Preparation for Discussion: 5 1- Chapter 3: Agreements of Sale Chapter 3: Agreements of Sale -4 Chapter 4: Conditions, Contingencies, and Other Qualifications resources as determined by your Discussion: Discuss cancellation, rescission and release. When are they appropriate measures to end an agreement of sale? How do they differ and how are they similar? Chapter 4: Conditions, Contingencies, and Other Qualifications 1- Homework/Assignments: Please complete the following real estate documents and submit to your instructor: 1) Exercise 1 on page 146 ) Exercise on page 189 Course Project - Case of John & Martha on pages Complete Assignment for John and Martha on pages Exam Learning Unit 3

3 Objectives: 1,, 3, 4, 5 - Preparation for Discussion: Chapter 5: Title Abstraction Chapter 5: Title Abstraction Chapter 6: Nature of a Deed Chapter 6: Nature of a Deed -4 resources as determined by your Practical Exercise Ask students to visit their local Recorder of Deeds Office and determine whether official documents need to be attached to the deed when it s filed for recording and what the recording fees are. Students should obtain a copy of any required forms. 1- Homework/Assignments: Please complete the following real estate documents and submit to your instructor: 1) Exercise 1 on page ) Exercise 1 on page 89 Course Project 3 - Case of John & Martha on pages Complete Assignment for John and Martha on page 90. Exam 3 Learning Unit 4 Objectives: 1,, 3, 4, 5 - Preparation for Discussion: -3 hours 1- Chapter 7: Mortgages Chapter 7: Mortgages Chapter 8: Closing and Settlement Chapter 8: Closing and Settlement -4 resources as determined by your 1- Homework/Assignments: Amortization & Documentation 1. Locate an online Amortization Table generator (for example the one listed in your lesson presentation). Using the facts from Exercise 1 (page 36)

4 Discussion: Your client discusses financial capacity in light of mortgage selection. The client is young, shows promise for the future, but is presently cash short. What mortgage products should be recommended? Name four (4) and discuss why you would recommend them. generate the amortization table. What is the monthly principle payment? What is the monthly interest payment? What is the total monthly payment? What is the final payment amount? Submit your answers to your. Complete a HUD-1 Settlement Statement (see file attachment for a blank form) using the facts presented in Exercise on page 44. This will give you practice for the one you will be doing as a part of your Course Project real estate documentation. Submit to your instructor for evaluation. Course Project 4 - Case of John & Martha on pages Complete Assignment for John and Martha on pages Exam 4 Learning Unit 5 Objectives: 1,, 3, 4, 5 - Preparation for Discussion: Chapter 9: Leases in the Real Estate Transactions Chapter 9: Leases in the Real Estate Transactions Chapter 10: Resolution of Real Estate Disputes Chapter 11: Foreclosure Chapter 10: Resolution of Real Estate Disputes Chapter 11: Foreclosure

5 -4 resources as determined by your Practical Exercise Ask students to contact the American Arbitration Association or a private arbitration/mediation company and request materials relating to the arbitration or mediation of disputes in the real estate setting. Discuss and compare. 1- Homework/Assignments: Doc Prep Practice 1. Please complete a lease agreement using the information presented in Exercise 1 on page Please complete an Early Possession Agreement using the details in Exercise on page Please draft a mediation clause and settlement agreement using the details in Exercise on page 498. Submit all three to your instructor for evaluation. Course Project 5 - Case of John & Martha on page Complete Assignment for John and Martha on pages Exam 5