This seminar is designed for attorneys, loan officers, presidents, vice presidents, owners, closing specialists, real estate agents and brokers, business and office managers.
This seminar is designed to provide an overview of the closing process for attorneys, property owners, escrow agents, title-insurance company employees, brokers and others who are involved in closing real estate transactions. While the seminar will focus primarily on commercial real estate transactions, some matters of particular concern in residential closings will be addressed.
Topics to be discussed:
The Contract, The Negotiation, The Players, And The Closing Of The Real Estate Deal
Title Insurance Issues
Taxes Due And Tax Strategies To Minimize Tax Implications At Closing
Cooperative And Condominium Contracts And Closings
Landlord-Tenant Issues Affecting Real Estate
Due Diligence Issues Affecting The Multi-Family Dwelling
Ethical Issues Involving The Real Estate Transaction
9:00 a.m. - 10:00 a.m.
I. The Contract, The Negotiation, The Players
And The Closing Of The Real Estate Deal
A. Drafting And Negotiation Of The Contract Of Sale For The Single Family Home
1. Contract Deposit
2. Mortgage Contingency
3. Personal Property Included In The Sale
4. The Closing Date
5. Common Issues When Negotiating The Contract
B. Getting To Closing
1. The Certificate Of Occupancy
3. The Inspection
4. The Survey
5. The Appraisal
6. Easements And Other Encroachments
7. Common Problems And Solutions To Close The Deal
C. The Bank
1. The Role Of The Bank
3. The Commitment Letter
4. Common Banking Issues
5. Due Diligence
D. The Closing
1. Common Issues That Occur At Closing
2. Prorations, Liens, Releases And Taxes
3. Recording And Completing The Closing
E. The Post Closing
1. The Closing Statement
10:00 a.m. - 11:00 a.m.
II. Title Insurance Issues
A. Preliminary Reports
B. Role Of Title Insurance In Commercial And Residential Transactions
C. Claims Against Title Insurers Under The Title Policy And Outside The Policy
D. Title Insurance Following Foreclosures
E. Mortgage Tax Problems And Creditor Rights Issues
11:00 a.m. - 11:15 a.m.
11:15 a.m. - 12:15 p.m.
III. Taxes Due And Tax Strategies To Minimize
Tax Implications At Closing
A. 1031 Tax Deferred Exchanges
1. Overview Of The 1030 Tax Exchange
2. Reasons To Exchange
3. Like Kind Property, Identification, Timing
4. The Exchange Intermediary
5. Reverse Exchanges
B. Other Strategies To Minimize Taxes Due As A Result Of The Sale
C. Taxes Due At Closing
1. New York State Combined Form
2. New York City Property Transfer Tax Return
12:15 p.m. - 1:15 p.m.
IV. Cooperative And Condominium Contracts
A. The New Contract
B. Elements Of A Cooperative Closing
1. Assignment, Acceptance And Assumption Of Proprietary Lease
2. Stock Power, Window Guard Letter, Smoke Detector Alarm Affidavit
3. Real Property Transfer Tax Return, 1099S Reporting Forms
4. Smoke Detecting Alarm Affidavit
5. Recognition, Agreements, UCC Financing Statements, 1099S Reporting Forms
C. The Managing Agent
D. The Bank
E. The Cooperative Board
F. The Condominium Closing
1. Waiver Of The Right Of First Refusal
G. Recent Cases Affecting Condominium And Cooperative Sale And Purchases
1:15 p.m. - 2:15 p.m.
Lunch (On Your Own)
2:15 p.m. - 3:15 p.m.
V. Landlord-Tenant Issues Affecting Real
A. Buying A Property With Tenants And Rent Regulated Tenants
B. Landlord And Tenant/Shareholder Rights In Single Family And Multi-Family Dwellings
C. Rent Stabilization And Rent Control Issues Affecting The Purchase And Sale Of Multi Dwelling Units
D. Deregulating A Rent Regulated Building Understanding The Law And The Exceptions To The Rent Stabilization Code And Rent Regulation Laws
E. Selling And Leasing In A Residential Or Commercial Building, Cooperative Or Condominium Building
3:15 p.m. - 3:30 p.m.
3:30 p.m. - 4:15 p.m.
VI. Due Diligence Issues Affecting The Multi-
A. Documents That Must Be Collected And Analyzed Before Contract And Closing And How To Obtain Said Documentation
B. Determining The True Income And Expenses Of A Multi Family And Rent Regulated Property
C. Provisions Or Representations That Should Be Negotiated Into The Contract Of Sale Of A Multi Family Dwelling
D. The Rights Of The Buyers And Sellers When Purchasing And Selling A Newly Constructed Property
4:15 p.m. - 4:30 p.m.
VII. Ethical Issues Involving The Real Estate