Anatomy of a Real Estate Transfer 3 Flashcards
Part 5 of The Anatomy of a Real Estate Transfer.
Due Diligence:
a. ?
b.
c.
d.
e.
f.
g.
h.
i.
a. Survey review (look for encroachments, set-backs, legal description.)
Part 5 of The Anatomy of a Real Estate Transfer.
Due Diligence:
a.
b. ?
c.
d.
e.
f.
g.
h.
i.
b. Compare survey legal to (Buyer’s and Seller’s) deed, title work, purchase agreement and mortgage.
Part 5 of The Anatomy of a Real Estate Transfer.
Due Diligence:
a.
b.
c. ?
d.
e.
f.
g.
h.
i.
c. Environmental review if necessary
Part 5 of The Anatomy of a Real Estate Transfer.
Due Diligence:
a.
b.
c.
d. ?
e.
f.
g.
h.
i.
d. Do a site visit to determine occupancy.
Part 5 of The Anatomy of a Real Estate Transfer.
Due Diligence:
a.
b.
c.
d.
e. ?
f.
g.
h.
i.
e. Prepare / review / negotiate all documents required for closing
Part 5 of The Anatomy of a Real Estate Transfer.
Due Diligence:
a.
b.
c.
d.
e.
f. ?
g.
h.
i.
f. If counsel for borrower, review loan documents, then review with clients, then negotiate with lenders.
Part 5 of The Anatomy of a Real Estate Transfer.
Due Diligence:
a.
b.
c.
d.
e.
f.
g. ?
h.
i.
g. If more than one lender, clarify 1st and 2nd position and discuss subordination agreement.
Part 5 of The Anatomy of a Real Estate Transfer.
Due Diligence:
a.
b.
c.
d.
e.
f.
g.
h. ?
i.
h. If duplex do a common wall agreement
Part 5 of The Anatomy of a Real Estate Transfer.
Due Diligence:
a.
b.
c.
d.
e.
f.
g.
h.
i. ?
I. Provide lenders with everything they need to feel comfortable with the transaction if representing buyer.
A _______ _________ _________ should do to show that they are a well-informed buyer. If you are trying to back out of the deal because something is wrong, they will look to see if you did all of the things that a duly diligent purchaser would accomplish prior to closing.
duly diligent purchaser
A ______ __________ __________ doesn’t just order a Certified Boundary Survey they read it. When they read it, they are looking for encroachments- the neighbor might have put up a shed and it might be partially on what is your land. You don’t want to buy land that has somebody else’s stuff on it.
Duly Diligent Purchaser
A duly diligent purchaser doesn’t just order a Certified Boundary Survey they read it. When they read it, they are looking for _________________- the neighbor might have put up a shed and it might be partially on what is your land. You don’t want to buy land that has somebody else’s stuff on it.
encroachments
_______________—- how far the main structure has to be from property lines. Practical standpoint we might think the front yard setback might be from the structure to the road. How far is your house from the house next door – side. Back of the house to the back of the property line and what is in between. – rear yard
set-back
What governs how big the setbacks have to be are typically your municipality or county has decided. The type of law that decides that for you (setbacks) is an ordinance that is called a ________ _____________. Make sure you are not in violation of ________ __________.
Zoning law
Zoning laws.
Legal description will be on survey make sure it matches in all the places it shows up and 5b has them listed.
Compare survey legal to
(___________ and ______________) ________,
__________ __________
______ ____________
_______________
Buyer’s and Seller’s Deed
Title Work
Purchase Agreement
Mortgage
Seller’s ________: If I say Sam, I want to buy your car, I am going to ask for the title that says it is your car. In the realm of real property or land the piece of paper that I want to see to prove that the seller owns the land is the ___________.
deed
deed
You want before you buy a house you want to see the deed that proves that the person selling it to you really owns it and make sure the legal description says that they own as much land as they are trying to sell you. They are trying to sell you 10 acers, but they only own five we have a problem.
What does this refer to?
Seller’s deed.
Before you buy a house, you want to see the __________ that proves that the person selling it to you really owns it and you want to look at that deed to make sure the legal description shows that they own as much land as they’re trying to sell you.
deed
Look at that deed to see if they really own it and compare the _______ ____________ on their deed to make sure that it’s the same legal description of what you are getting because you can’t get more than what they own from the transaction that won’t work.
legal description