Real Estate Transactions: Problems, Cases, and Materials

by MALLOY ROBIN PAUL

• ISBN13: 9780735524743
• ISBN10: 0735524742
• Edition: 2nd
• Format: Hardcover
• Copyright: 2002-02-01
• Publisher: Wolters Kluwer

Summary

Containing the necessary tools to Understand The real estate transactions they will encounter in practice with this decidedly practical casebook, Real Estate Transactions: Problems, Cases, and Materials, Second Edition provides an updated and thorough explanation of both the principles And The process to give students a complete understanding of what happens and why. the casebook earned the respect of instructors nationwide through its effective structure and approach: detailed text explains basic elements and market factors involved in each area of law problems which increase in difficulty carefully chosen cases illustrate key points And The way in which complications arise in practice, addressing both commercial and residential real estate cases and materials reveal ethical and professional responsibility issues as they arise in the real world the Second Edition responds to user feedback to make the casebook even more effective: an accompanying forms disk includes contracts, deeds, mortgages, title insurance policies, and many other common real estate documents, together with problem sets keyed To The documents streamlined for easier classroom use, The text is approximately 300 pages shorter provides updated information on Article 9 of the UCC as related to commercial lending practice commentary on the new federal legislation related to electronic signatures offers new cases relating to brokers, deed warranties of title, title insurance, mortgage default and race and mortgage lending practices This timely and extensive revision offers everything you need for successful learning.

Table of Contents

Preface	xxix
Acknowledgments	xxxiii
PART ONE INTRODUCTION	1	(96)
Market Context for Real Estate Transactions	3	(42)
Capturing and Creating Value	3	(4)
Market Choice	7	(1)
Accounting Profit and Economic Profit	8	(1)
Risk and Return	9	(2)
Value, Utility, and Comparative Advantage	11	(3)
Out-of-Pocket, Opportunity, and Sunk Costs	14	(3)
Problem 1A	16	(1)
Problem 1B	16	(1)
Transactional Misbehavior	17	(4)
Rent-Seeking Behavior	21	(3)
Categories of Market Risk	24	(8)
Temporal Risk	24	(4)
Transactional Risk	28	(4)
Lawyer as Risk Manager	32	(2)
Problem 1C	34	(1)
Problem 1D	34	(1)
Professional Responsibility in a Market Context	34	(2)
Types of Real Estate Practice	36	(3)
The Lawyer's Fee Arrangement	39	(6)
Problem 1E	42	(1)
Suggestions for Further Reading	43	(2)
Real Estate Brokers	45	(52)
Brokers' Duties to Clients	48	(2)
Types of Listing Agreements	50	(1)
Multiple Listing Service	51	(2)
Law of Real Estate Brokers	51	(2)
Burke, Jr.
Residential Commission Rates	53	(2)
Problem 2A	55	(1)
Problem 2B	55	(1)
Whom Does the Broker Represent?	55	(8)
Dubbs v. Stribling & Associates	59	(3)
Problem 2C	62	(1)
Problem 2D	62	(1)
Problem 2E	62	(1)
Broker's Right to a Commission	63	(11)
Hillis v. Lake	68	(5)
Problem 2F	73	(1)
Problem 2G	73	(1)
Problem 2H	74	(1)
Brokers and Lawyers	74	(23)
Unauthorized Practice of Law	74	(2)
In re Opinion No. 26 of the Committee on the Unauthorized Practice of Law	76	(13)
Problem 2I	89	(1)
Problem 2J	89	(1)
Lawyers Acting as Brokers	90	(1)
In re Roth	90	(5)
Problem 2K	95	(1)
Suggestions for Further Reading	95	(2)
PART TWO REAL ESTATE CONTRACT	97	(174)
Preparing to Contract	99	(30)
Real Estate Transactions Timeline	101	(10)
Understanding the Consequences of Simple Rules	111	(2)
Problem 3A	112	(1)
Problem 3B	112	(1)
Problem 3C	113	(1)
Contracting for Risk	113	(2)
Contracting with Different Information	115	(3)
Smith v. Beatty	115	(1)
Problem 3D	116	(2)
Letters of Intent, Options, and Contract Enforceability	118	(11)
Beller & Gould v. Lisenby	119	(4)
Problem 3E	123	(1)
Problem 3F	123	(1)
Problem 3G	124	(1)
Problem 3H	124	(3)
Suggestions for Further Reading	127	(2)
Executory Contracts	129	(40)
Executing an Enforceable Contract	131	(10)
The Need for a Writing	131	(4)
Problem 4A	135	(1)
Other Requirements for an Enforceable Contract	136	(1)
Problem 4B	137	(1)
Problem 4C	138	(1)
Problem 4D	138	(1)
Florida Bar v. Belleville	139	(2)
Equitable Conversion and the Allocation of Risk	141	(12)
Holscher v. James	145	(6)
Problem 4E	151	(1)
Problem 4F	151	(1)
Problem 4G	152	(1)
Major Contract Conditions	153	(16)
The Mortgage Financing Condition	156	(2)
Problem 4H	158	(1)
Proctor v. Holden	159	(6)
Other Contract Contingencies	165	(1)
Problem 4I	165	(2)
Suggestions for Further Reading	167	(2)
Condition of the Property	169	(38)
Quantity	173	(6)
Turner v. Ferrin	173	(3)
Problem 5A	176	(1)
Richard v. A. Waldman & Sons, Inc.	177	(2)
Quality	179	(28)
Express Allocations of Risk of Quality	179	(1)
Pitre v. Twelve Oak Trust	179	(5)
Problem 5B	184	(1)
Disclosing Inaccurate Information	185	(1)
Petrillo v. Bachenberg	185	(7)
Problem 5C	192	(1)
Material Defects and Duty to Disclose	193	(1)
Statutory Duty to Disclose	193	(1)
Implied Duty to Disclose	194	(1)
Van Camp v. Bradford	194	(6)
Problem 5D	200	(2)
Implied Warranties	202	(1)
Problem 5E	203	(2)
Suggestions for Further Reading	205	(2)
Closing the Contract	207	(30)
Problem 6A	211	(1)
Problem 6B	211	(1)
Multiple Representation	212	(6)
American Bar Association Rules of Professional Conduct Rule 1.7	212	(1)
In re Lanza	213	(3)
Problem 6C	216	(1)
Problem 6D	216	(1)
Problem 6E	217	(1)
Doctrine of Merger	218	(7)
Embassy Group, Inc. v. Hatch	220	(5)
Problem 6F	225	(1)
Escrow	225	(6)
Miller v. Craig	228	(3)
Problem 6G	231	(1)
Other Closing Issues	231	(6)
Regas v. Continental Casualty Co.	231	(3)
Problem 6H	234	(1)
Suggestions for Further Reading	235	(2)
Contract Remedies	237	(34)
General Remedies for Damages at Law	238	(10)
Zareas v. Smith	242	(3)
Miami International Realty Co. v. Paynter	245	(2)
Problem 7A	247	(1)
Tort Remedies Related to the Contract	248	(5)
Sexton v. St. Clair Federal Savings Bank	248	(3)
Problem 7B	251	(1)
Problem 7C	252	(1)
Equitable Remedies	253	(11)
Rescission	256	(1)
Geist v. Lehmann	256	(2)
Specific Performance	258	(1)
Steiner v. Brian Park Associates	258	(2)
Vendee's/Vendor's Lien	260	(1)
Mihranian v. Padula	260	(2)
Problem 7D	262	(1)
Problem 7E	262	(1)
Problem 7F	262	(1)
Problem 7G	263	(1)
Problem 7H	263	(1)
Liquidated Damages	264	(2)
Problem 7I	265	(1)
Slander of Title and Lis Pendens	266	(5)
Problem 7J	268	(1)
Problem 7K	268	(1)
Problem 7L	268	(1)
Suggestions for Further Reading	269	(2)
PART THREE TITLE SYSTEM	271	(232)
Allocating Title Risk	273	(44)
Title under the Real Estate Contract	273	(27)
Problem 8A	279	(1)
Adverse Possession Problems	280	(1)
Tri-State Hotel Co. v. Sphinx Investment Co.	281	(5)
Problem 8B	286	(1)
Problem 8C	287	(1)
Encumbrances and Encroachments	288	(2)
Staley v. Stephens	290	(2)
Problem 8D	292	(1)
Problem 8E	292	(1)
Problem 8F	293	(1)
Effect of Public Regulation on Title	293	(2)
Voorheesville Rod & Gun Club v. E. W. Tompkins Co.	295	(4)
Problem 8G	299	(1)
Problem 8H	299	(1)
Problem 8I	299	(1)
Deed Covenants of Title	300	(17)
Warranty Deeds	301	(1)
Egli v. Troy	302	(2)
Problem 8J	304	(1)
Quitclaim Deeds	304	(1)
Problem 8K	305	(1)
Types of Covenants	306	(1)
Present Covenants	306	(1)
Future Covenants	307	(1)
Problem 8L	308	(1)
Problem 8M	309	(1)
Problem 8N	309	(1)
Booker T. Washington Construction & Design Co. v. Huntington Urban Renewal Authority	310	(3)
Problem 8O	313	(1)
Magun v. Bombaci	313	(2)
Problem 8P	315	(1)
Problem 8Q	315	(1)
Suggestions for Further Reading	316	(1)
Land Descriptions	317	(44)
Types of Descriptions	317	(10)
Natelson, Modern Law of Deeds to Real Property	318	(7)
Problem 9A	325	(1)
Problem 9B	326	(1)
Problem 9C	326	(1)
Problem 9D	326	(1)
The Surveyor	327	(17)
Reading the Survey	327	(1)
Williams & Onsrud, What Every Lawyer Should Know About Title Surveys	327	(6)
Problem 9E	333	(1)
Problem 9F	334	(1)
Contracting for the Survey	334	(3)
Surveyor Liability	337	(1)
Hanneman v. Downer	337	(6)
Problem 9G	343	(1)
Problem 9H	343	(1)
Legal Adequacy of Description	344	(17)
Natelson, Modern Law of Deeds to Real Property	345	(1)
Descriptions in Contracts of Sale	346	(1)
Van der Bent v. Gilling	347	(3)
Problem 9I	350	(1)
Problem 9J	351	(1)
Problem 9K	351	(1)
Descriptions in Deeds and Other Recorded Instruments	351	(1)
Walters v. Tucker	352	(5)
McGhee v. Young	357	(2)
Problem 9L	359	(1)
Problem 9M	359	(1)
Problem 9N	360	(1)
Suggestions for Further Reading	360	(1)
Public Records	361	(60)
Title Search Process	363	(7)
Chain of Title Concept	363	(1)
Index Systems	364	(1)
Sample Search	365	(5)
Types of Recording Acts	370	(4)
Race Statute	371	(1)
Notice Statute	371	(1)
Race-Notice Statute	372	(1)
Recordable Interests and Nonrecordable Interests	372	(1)
Summary	373	(1)
Problem 10A	373	(1)
Problem 10B	374	(1)
Problem 10C	374	(1)
Bona Fide Purchaser Status	374	(30)
Notice from Records	374	(2)
Pelfresne v. Village of Williams Bay	376	(4)
Problem 10D	380	(1)
Problem 10E	381	(1)
Problem 10F	381	(1)
Defects in Recorded Instruments	382	(1)
Metropolitan National Bank v. United States	383	(7)
Problem 10G	390	(1)
Notice from Possession	390	(1)
In re Weisman	391	(5)
Problem 10H	396	(1)
Shelter Rule	396	(1)
Chergosky v. Crosstown Bell, Inc.	396	(4)
Problem 101	400	(1)
Payment of Value	400	(2)
Problem 10J	402	(1)
Problem 10K	402	(1)
Problem 10L	403	(1)
Special Problems: Interests That Are Hard or Impossible to Find	404	(17)
Problem 10M	407	(1)
Angle v. Slayton	408	(2)
Problem 10N	410	(1)
Problem 10O	410	(1)
Problem 10P	410	(2)
In re Harris	412	(6)
Problem 10Q	418	(1)
Problem 10R	418	(1)
Suggestions for Further Reading	419	(2)
Title Products	421	(56)
Title Abstracts	421	(8)
First American Title Insurance Co. v. First Title Service Co.	423	(2)
Problem 11A	425	(1)
Problem 11B	426	(1)
Problem 11C	427	(2)
Attorneys' Title Opinions and Certificates North Bay Council, Inc., Boy Scouts v. Bruckner	429	(6)
Problem 11D	433	(1)
Problem 11E	434	(1)
Title Insurance	435	(42)
Basic Concept: Insured Risks	435	(3)
The Title Insurance Commitment	438	(1)
The Scope of the Policy	439	(6)
Recorded Instruments	445	(1)
White v. Western Title Insurance Co.	445	(6)
Problem 11F	451	(1)
Off-Record Risks	452	(1)
Kayfirst Corp. v. Washington Terminal Co.	452	(6)
Problem 11G	458	(1)
Problem 11H	459	(1)
Title Insurance and the Contract of Purchase	460	(1)
Harvey v. J & H Holdings, Inc.	460	(2)
Problem 11I	462	(1)
Problem 11J	463	(1)
Amount of Recovery	463	(1)
Policy as Contract	463	(1)
Problem 11K	464	(1)
Tort Theories of Recovery	464	(1)
Problem 11L	465	(1)
Problem 11M	465	(1)
Protection of Persons Other than Insured	465	(1)
Problem 11N	466	(1)
Ethical Problems: Conflicts and Confidentiality	466	(1)
Sears Mortgage Corp. v. Rose	467	(7)
Problem 11O	474	(1)
Problem 11P	475	(1)
Problem 11Q	475	(1)
Suggestions for Further Reading	475	(2)
Improving the Efficiency of the Title System	477	(26)
Title Standards	478	(4)
Epperson & Sullivan, Title Examination Standards: A Status Report	478	(2)
Simes & Taylor, Model Title Standards	480	(2)
Title Insurance	482	(1)
Adverse Possession	483	(1)
Title Curative Acts	484	(2)
Problem 12A	485	(1)
Marketable Title Acts	486	(7)
Florida Marketable Record Title Act	488	(1)
Sunshine Vistas Homeowners Assn. v. Caruana	489	(2)
Problem 12B	491	(1)
Problem 12C	492	(1)
Problem 12D	493	(1)
Torrens System: Title Registration	493	(10)
McCormack, Torrens and Recording: Land Title Assurance in the Computer Age	494	(7)
Problem 12E	501	(1)
Problem 12F	501	(1)
Problem 12G	502	(1)
Suggestions for Further Reading	502	(1)
PART FOUR HOUSING AND BASIC MORTGAGE PRINCIPLES	503	(376)
Housing Markets and Products	505	(60)
Basic Real Estate Market Profile	505	(5)
Problem 13A	509	(1)
Housing Products	510	(55)
The Single-Family Home	510	(4)
Holleman v. Mission Trace Homeowners Assn.	514	(5)
Problem 13B	519	(2)
Problem 13C	521	(1)
Crest Builders, Inc. v. Willow Falls Improvement Assn.	521	(3)
Problem 13D	524	(1)
Condominiums	524	(7)
Problem 13E	531	(1)
Cedar Cove Efficiency Condominium Assn. v. Cedar Cove Properties	532	(6)
Problem 13F	538	(1)
Problem 13G	538	(1)
Problem 13H	539	(1)
Cooperative Housing	539	(6)
Kohler v. Snow Village, Inc.	545	(8)
Problem 13I	553	(1)
Problem 13J	553	(1)
Problem 13K	554	(1)
Problem 13L	554	(1)
Time-Share Housing	555	(2)
State of Nevada v. Carriage House Associates	557	(2)
Royal Aloha Partners v. Real Estate Division	559	(2)
Problem 13M	561	(1)
Problem 13N	561	(1)
Problem 13O	561	(1)
Suggestions for Further Reading	562	(3)
Possession and Use of Mortgaged Property	565	(32)
Mortgage Theories	565	(8)
English History: The Common-Law Mortgage	565	(2)
Rise of Equity of Redemption	567	(1)
Late Payment and Foreclosure	568	(1)
Modern Mortgage Theories	569	(3)
Deed of Trust and Mortgage	572	(1)
Possession by Mortgagor	573	(6)
Right to Possession	573	(1)
Doctrine of Waste	574	(1)
Chetek State Bank v. Barberg	575	(2)
Problem 14A	577	(1)
Problem 14B	578	(1)
Problem 14C	578	(1)
Possession by Mortgagee	579	(4)
Myers-Macomber Engineers v. M.L.W. Constrution Corp.	579	(3)
Problem 14D	582	(1)
Problem 14E	582	(1)
Mortgagee's Right to Rents	583	(6)
Oryx Energy Co. v. Union National Bank	583	(5)
Problem 14F	588	(1)
Problem 14G	588	(1)
Problem 14H	589	(1)
Receivers	589	(8)
Chase Manhattan Bank v. Turabo Shopping Center, Inc.	592	(2)
Problem 14I	594	(1)
Problem 14J	594	(1)
Suggestions for Further Reading	595	(2)
Residential Mortgage Markets and Products	597	(64)
Access to Mortgage Markets	597	(14)
Business Aspects of Mortgage Financing	597	(4)
Evaluating the Loan Applicant	601	(2)
Relationship Between Real Estate Contract and Loan Commitment	603	(1)
Malus v. Hager	603	(2)
Racial Issues in Mortgage Markets	605	(1)
Honorable v. Easy Life Real Estate System	605	(4)
Problem 15A	609	(1)
Problem 15B	610	(1)
Problem 15C	610	(1)
Primary Mortgage Markets	611	(6)
Secondary Mortgage Markets	617	(9)
Background	617	(1)
Malloy, The Secondary Mortage Market---A Catalyst for Change in Real Estate Transactions	617	(5)
Reduced Risk, Enhanced Liquidity	622	(4)
Problem 15D	626	(1)
Mortgage Products	626	(35)
Points and Annual Percentage Rate (APR)	627	(2)
Mortgage Insurance	629	(2)
Problem 15E	631	(1)
The Fixed Rate Mortgage	632	(2)
The No-Point Mortgage and the Buy-Down Mortgage	634	(4)
Adjustable Rate Mortgages	638	(3)
Balloon Mortgage	641	(1)
Level Payment Adjustable Rate Mortgage	642	(1)
Shared Appreciation Mortgage	643	(1)
Reverse Annuity Mortgage	644	(1)
Other Mortgages	645	(2)
Crowley v. Banking Center	647	(2)
Problem 15F	649	(1)
Problem 15G	649	(1)
Problem 15H	650	(1)
Problem 15I	651	(1)
Problem 15J	651	(1)
Problem 15K	652	(1)
Problem 15L	652	(1)
Purchase Money Mortgage	653	(2)
ALH Holding Co. v. Bank of Telluride	655	(3)
Problem 15M	658	(1)
Suggestions for Further Reading	658	(3)
Mortgage Obligations	661	(40)
Payment of the Debt	661	(30)
Usury	661	(4)
Seidel v. 18 East 17th Street Owners, Inc.	665	(5)
Problem 16A	670	(1)
Problem 16B	671	(1)
Problem 16C	671	(1)
Problem 16D	672	(1)
Late Payment	672	(2)
Problem 16E	674	(1)
Swindell v. Federal National Mortgage Assn.	675	(3)
Problem 16F	678	(1)
Problem 16G	679	(1)
Prepayment	679	(2)
Alexander, Mortgage Prepayment: The Trial of Common Sense	681	(8)
Problem 16H	689	(1)
Problem 16I	690	(1)
Problem 16J	690	(1)
Nondebt Obligations	691	(10)
Problem 16K	692	(1)
Pawtucket Institution for Savings v. Gagnon	692	(3)
W. L. Development Corp. v. Trifort Realty, Inc.	695	(3)
Problem 16L	698	(1)
Problem 16M	698	(1)
Problem 16N	699	(1)
Problem 16O	699	(1)
Suggestions for Further Reading	699	(2)
Transfers of Mortgaged Property	701	(32)
Assumptions and Taking Subject to Mortgage Obligations	701	(10)
Problem 17A	705	(1)
Problem 17B	705	(1)
Swanson v. Krenik	705	(4)
Problem 17C	709	(1)
Problem 17D	709	(1)
Problem 17E	710	(1)
Modification and Extension of Mortgage Debt	711	(6)
First Federal Savings & Loan Assn. v. Arena	712	(4)
Problem 17F	716	(1)
Problem 17G	716	(1)
Problem 17H	717	(1)
Restrictions on Transfer by Mortgagor	717	(16)
Destin Savings Bank v. Summerhouse of FWB, Inc.	722	(4)
Problem 17I	726	(1)
Problem 17J	727	(1)
Problem 17K	727	(1)
Problem 17L	728	(1)
Oregon State Bar, Legal Ethics Committee Ethics Opinion 464	729	(1)
Illinois State Bar Assn., Committee on Professional Ethics Opinion 728	729	(1)
Problem 17M	729	(1)
Problem 17N	730	(1)
Suggestions for Further Reading	731	(2)
Default and Acceleration	733	(30)
Default Clauses	733	(8)
Moseley v. First Community Bank	735	(2)
Mid-State Trust III v. Avriett	737	(2)
Problem 18A	739	(2)
Problem 18B	741	(1)
Acceleration	741	(11)
Graf v. Hope Building Corp.	744	(3)
Bodiford d/b/a Bodiford Investment Co. v. Parker	747	(3)
Problem 18C	750	(1)
Problem 18D	750	(1)
Problem 18E	751	(1)
Amount Payable Upon Acceleration	752	(11)
Florida National Bank of Miami v. Bankatlantic	752	(3)
Problem 18F	755	(1)
Problem 18G	756	(1)
Security Mutual Life Insurance Co. v. Contemporary Real Estate Associates	757	(2)
Problem 18H	759	(1)
Problem 18I	760	(1)
Problem 18J	760	(1)
Suggestions for Further Reading	761	(2)
Foreclosure	763	(48)
Key Concepts: Deficiency and Surplus	765	(1)
Types of Foreclosure	766	(27)
Strict Foreclosure	767	(1)
Judicial Foreclosure	768	(3)
United States Department of Housing & Urban Development v. Union Mortgage Co.	771	(4)
Credithrift of America, Inc. v. Amsbaugh	775	(1)
Problem 19A	776	(1)
Problem 19B	777	(1)
Power of Sale Foreclosure	778	(2)
Henson v. Fleet Mortgage Co.	780	(3)
Problem 19C	783	(1)
Problem 19D	784	(1)
G.E. Capital Mortgage Services, Inc. v. Levenson	784	(8)
Problem 19E	792	(1)
Problem 19F	792	(1)
Deed in Lieu of Foreclosure	793	(2)
Economics of Foreclosure: Problem of Price Adequacy	795	(6)
Greater Southwest Office Park, Ltd. v. Texas Commerce Bank National Assn.	795	(3)
RSR Investments, Inc. v. Barnett Bank	798	(2)
Problem 19G	800	(1)
Statutory Mortgagor Protections	801	(10)
One-Action Rule	802	(1)
Statutory Redemption	802	(3)
Limits on Deficiency Judgments	805	(1)
Code of Georgia §44-14-161	806	(1)
Gutherie v. Ford Equipment Leasing Co.	806	(3)
Problem 19H	809	(1)
Suggestions for Further Reading	809	(2)
Mortgage Substitutes	811	(36)
Sales and Disguised Mortgages	813	(7)
Smith v. Player	815	(3)
Problem 20A	818	(1)
Problem 20B	819	(1)
The Negative Pledge	820	(7)
Tahoe National Bank v. Phillips	821	(5)
Problem 20C	826	(1)
Installment Land Contracts	827	(20)
Petersen v. Hartell	830	(5)
Problem 20D	835	(1)
Problem 20E	836	(1)
Yu v. Paperchase Partnership	837	(7)
Problem 20F	844	(1)
Suggestions for Further Reading	845	(2)
Junior Mortgages	847	(32)
Leveraging a Deal	847	(4)
The Market for Secondary Financing	851	(4)
Problem 21A	854	(1)
Protecting the Junior Mortgage	855	(10)
Contract Terms and Practices That Reduce Risk	855	(4)
Marshalling of Assets	859	(2)
In re Martin	861	(3)
Problem 21B	864	(1)
Mortgage Subordination	865	(10)
Ranier v. Mount Sterling National Bank	869	(3)
Problem 21C	872	(1)
Problem 21D	873	(2)
Wrap-Around Mortgage	875	(4)
Problem 21E	877	(1)
Suggestions for Further Reading	878	(1)
PART FIVE BASIC COMMERCIAL REAL ESTATE	879	(110)
The Commercial Real Estate Market	881	(50)
Financing Arrangements By and Between Lenders	882	(19)
Construction Loans	882	(3)
Permanent Loans	885	(1)
Comparative Advantage and Loan Coordination	886	(3)
Types of Take-Out Arrangements	889	(2)
Three-Party Agreement	891	(2)
Coordination of Independent Loans	893	(1)
Problem 22A	893	(2)
Teachers Insurance & Annuity Assn. v. Ormesa Geothermal	895	(5)
Problem 22B	900	(1)
Problem 22C	900	(1)
Selecting a Development Entity	901	(8)
American Discount Corp. v. Saratoga West, Inc.	905	(3)
Problem 22D	908	(1)
Problem 22E	908	(1)
Problem 22F	909	(1)
Commercial Lending and Article 9 of the UCC	909	(14)
Capitol Federal Savings & Loan Assn. v. Hoger	914	(7)
Problem 22G	921	(1)
Problem 22H	921	(1)
Problem 22I	922	(1)
Problem 22J	922	(1)
Problem 22K	922	(1)
Problem 22L	923	(1)
The Land Trust	923	(1)
The Lawyer's Role in the Commercial Transaction	924	(7)
Problem 22M	928	(1)
Problem 22N	928	(2)
Suggestions for Further Reading	930	(1)
Commercial Real Estate Financing	931	(58)
Acquisition and Development Loan	936	(2)
Construction Loan	938	(4)
Permanent Financing	942	(1)
Performance Standards	943	(3)
Cash-Flow Constraints	946	(3)
Release Schedules	949	(2)
Gap Loans and Loan Participations	951	(2)
Selling Off the Project	953	(26)
Problem 23A	954	(1)
Penthouse International, Ltd. v. Dominion Federal Savings & Loan Assn.	955	(24)
Alternative Arrangements	979	(10)
Leasehold Mortgage	980	(1)
Ground Lease	981	(4)
Sale and Leaseback	985	(2)
Problem 23B	987	(1)
Suggestions for Further Reading	987	(2)
Table of Cases	989	(4)
Index	993