Residential Real Estate Law

by Stark, Debra Pogrund

• ISBN13: 9780890895054
• ISBN10: 0890895058
• Format: Hardcover
• Copyright: 2004-01-01
• Publisher: Carolina Academic Press

Table of Contents

Acknowledgments	xi
Chapter 1 Introduction	3	(4)
l.a. Goals of the Course and Approach	3	(4)
Chapter 2 Residential Real Estate: The Lawyer's Role	7	(20)
2.a. The Lawyer's Role, Current and Future	7	(12)
Joseph William Singe, Real Estate Transactions	8	(2)
Joseph William Singe, Real Estate Transactions	10	(2)
Peter J. Birnbau, The Illinois Real Estate Lawyer and the Battle to Stay Off the Endangered Species List: An Examination of the National Turf Battle to Control the Residential Real Estate Settlement Process	12	(7)
2.b. Engagement Letters	19	(8)
Cornelia Wallis Honchar, Your Work Begins Before Representation	20	(7)
Sample Engagement Letter When Representing a Buyer	22	(2)
Sample Engagement Letter When Representing a Seller	24	(3)
Chapter 3 Do We Have a Binding Deal?	27	(136)
3.a. Attorney Approval of the Contract	27	(27)
3.a. (i) Letters from the Rivershire Deal	27	(17)
3.a. (ii) Problem Relating to the Exercise of the Attorney Approval Contingency	44	(1)
3.a. (iii) The McKenna Case and the Hubble Case	44	(10)
Denis F. McKenna Co. v. Smith, Drew and Drew Holdings, Inc.	44	(3)
Hubble and Hubble v. O'Connor and Simon	47	(7)
3.b. Complying with the statute of Frauds	54	(5)
Joseph William Singer, Real Estate Transactions	54	(3)
3.b. (i) Hypotheticals	57	(1)
3.b. (ii) Supplemental Opinion for the Hubble Case	57	(2)
Hubble and Hubble v. O'Connor and Simon	57	(2)
3.c. Impact of the Doctrine of Equitable Conversion	59	(3)
Joseph William Singer, Real Estate Transactions	60	(1)
3.c. (i) The Uniform Vendor and Purchaser Risk Act	60	(2)
3.c. (ii) Hypotheticals	62	(1)
3.d. Have the Contract Conditions Been Met?	62	(101)
3.d. (i) Physical Inspection Contingency/Compliance with Laws	62	(28)
3.d. (i)(a) Proposed Riders to the Contract in the Whipple Deal	64	(15)
3.d. (i)(b) Analysis of the Building Code and Zoning Violations in the Whipple Deal	79	(6)
3.d. (i)(c) Duties of Disclosure at the Contract Formation stage	85	(5)
Woods v. Pence	87	(3)
3.d. (ii) Financing Contingency and Financing the Acquisition	90	(31)
3.d. (ii)(a) Mortgage Contingency Language in the St. Louis Purchase and Sale Agreement	90	(2)
3.d. (ii)(b) Evaluating the Proposed Loan in the St. Louis Deal	92	(11)
3.d. (ii)(b)(i) The Loan Commitment	92	(2)
3.d. (ii)(b)(ii) The Interest Rate Lock	94	(1)
3.d. (ii)(b)(iii) The TILA Statement	95	(2)
3.d. (ii)(b)(iv) The Good Faith Estimate of Costs	97	(3)
3.d. (ii)(b)(v) Disclosure Forms	100	(3)
3.d. (ii)(c) Avoiding Predatory Loans through Mortgage Counseling	103	(4)
Debra Pogrund Stark, Mortgage Counseling as a Means to Combat Predatory Lending: A Proposal That Both Consumer Advocates and Lenders Can support	103	(4)
3.d. (ii)(d) Basic Mortgage Law	107	(14)
Joseph William Singer, Real Estate Transactions	107	(14)
3.d. (iii) Title and Survey Contingencies	121	(42)
3.d. (iii)(a) Marketable Title	121	(7)
Joseph William Singer, Real Estate Transactions	121	(7)
3.d. (iii)(b) Recording Acts and Marketable Title Acts	128	(18)
Joseph William Singer, Real Estate Transactions	128	(17)
3.d. (iii)(b)(i) Hypotheticals	145	(1)
3.d. (iii)(c) Title Insurance	146	(2)
3.d. (iii)(d) Title and Survey Documents and Problems in the Rivershire Deal	148	(15)
Chapter 4 Closing the Deal	163	(44)
4.a. Deed Requirements and Liabilities	163	(8)
Joseph William Singer, Real Estate Transactions	163	(8)
4.b. Closing Requirements and Closing Documents for the Acquisition	171	(25)
4.b. (i) St. Louis Deal Closing Documents	171	(14)
4.b. (i)(a) The Acquisition Documents	171	(14)
4.b. (i)(b) The Loan Documents	185	(1)
4.b. (ii) Complying with Federal Laws	185	(6)
4.b. (ii)(a) Problem/Drafting a Rider and Letter Regarding Complying with Laws	190	(1)
4.b. (iii) Developing a Closing Checklist	191	(1)
4.b. (iv) Acting As an Escrowee: Lessons from the Carr Case	191	(9)
Robin L. Schirmer, Hold Escrows At Your Peril	191	(5)
4.c. Special issues that Arise when Purchasing a Condominium	196	(4)
4.d. Forms of Taking Title	200	(7)
Robert McCarty, Forms of Taking Title	200	(7)
Chapter 5 Applying What You Have Learned	207	(22)
5.a. Purchasing a Condominium Unit in a Converted Apartment Building	207	(22)
5.a. (i) Evaluation of the Contract and Rider to the Contract in the Gold Coast Galleria Deal	208	(13)
5.a. (ii) Review of the Title Commitment in the Gold Coast Galleria Deal	221	(8)
Chapter 6 Breach of Contract and Other Claims Relating to the Acquisition	229	(36)
6.a. Theories of Liability against the seller/Builder	229	(14)
6.a. (i) Fraud, Duties of Disclosure, Implied Warranties, Statutory Warranties, and Tort Liability	229	(14)
Joseph William Singer, Real Estate Transactions	229	(6)
Debra Pogrund Stark and Andrew Cook, Pay It Forward: A Proactive Model to Resolving Construction Defects	235	(8)
6.b. Remedies for Breach of Contract	243	(7)
Joseph William Singer, Real Estate Transactions	244	(5)
6.b. (i) Hypotheticals	249	(1)
6.c. Claims by and against Brokers	250	(15)
6.c. (i) Broker's Claim for the Commission	250	(6)
Joseph William Singer, Real Estate Transactions	250	(6)
6.c. (ii) Broker's Commission Hypotheticals	256	(1)
6.c. (iii) Seller's or Buyer's Claim of Breach of Duty by the Broker	257	(8)
6.c. (iii).a The Real Estate Brokerage Industry	257	(2)
6.c. (iii).b Broker Fiduciary Duties to Buyers and Sellers	259	(2)
6.c. (iii).c Liability of Brokers under Tort Law	261	(4)
Chapter 7 Applying What You Have Learned	265	(20)
7.a. Purchasing a Newly Constructed Condominium Unit	265	(20)
7.a. (i) Evaluation of the Contract and Rider to the Contract in the Museum Park Deal	265	(20)
Chapter 8 Dissecting the Standard Form Contract and Applying It to Income Producing Residential Real Estate	285	(4)
8.a. Evaluation of the Standard Form Contract and Riders to the Contract in the St. Louis and Whipple Deals	286	(3)
Chapter 9 Special Ethical Considerations	289	(26)
9.a. Dual Representation of Buyer and Seller	289	(5)
9.a. (i) The Lanza Case	289	(4)
In the Matter of Guy J. Lanza	289	(4)
9.a. (ii) Drafting a Consent Letter	293	(1)
9.b. Representation of Seller or Buyer and serving as the Title Insurer	294	(5)
Aurora Abella-Austriaco, Ethical Duties of Attorneys Providing Title services Ancillary to the Representation of a Client in a Real Estate Transaction	294	(5)
9.c. Representation of Buyer or Seller and serving as a Broker	299	(16)
9.c (i) The Lake and the Wagner Cases	301	(14)
In The Matter of Ann W Lake	301	(3)
Iowa Supreme Court Board of Professional Ethics and Conduct v. John C. Wagner	304	(11)
Chapter 10 Income Tax Considerations	315	(8)
Robert McCarty, Tax Considerations of Residential Real Estate	315	(8)
10.a. Income Tax Deductions	315	(2)
10.b. Purchase and Sale Considerations	317	(2)
10.c. Business Use of a Residence	319	(1)
10.d. Vacation Homes	320	(3)
Chapter 11 Methods to Profitably and Competently Represent Parties in Residential Deals	323	(4)
11.a. Re-Think the Profit Issue	324	(1)
11.b. Ways to More Efficiently Represent Parties to a Residential Deal	325	(1)
11.c. Marketing to Those Who Don't Know They Need an Attorney	325	(2)
Chapter 12 Take Home Problem	327	(22)
12.a. 1st Assignment	327	(1)
12.b. 2nd Assignment	328	(21)
Chapter 13 Appendix	349	(70)
13.I. Revisions to the Standard Form Purchase and Sale Agreement in Several Featured Deals:	349	(10)
13.I.a. Rivershire Deal Residential Real Estate Contract	358	(1)
13.I.b. Whipple Deal Residential Real Estate Contract	358	(1)
13.I.c. St. Louis Deal Residential Real Estate Contract	359	(1)
13.II. St. Louis Deal Closing Loan Documents	359	(45)
13.II.a The Note	360	(3)
13.II.b. The Mortgage	363	(19)
13.II.c. The Truth In Lending statement	382	(3)
13.II.d. Miscellaneous Documentation Relating to Escrows for Real Estate Taxes and Insurance	385	(8)
13.II.e. Miscellaneous Documents Related to the Securitization of the Loan	393	(11)
13.III. Complying with State and Local Laws	404	(10)
13.III.a. State of Illinois statutes	404	(7)
13.III.b. City of Chicago Ordinances	411	(3)
13.IV Detailed Analysis of Fines and Penalties in the Whipple Deal	414	(5)
Index	419