27 Dec 3) Dr. Leary, a veterinarian, ent
Week 6 Real Estate Law
1) Your clients are Mr. and Mrs. Stanford. They are the seller in this transaction. The closing is taking place today. you were informed in advance that Mr. Stanford travels constantly for business and would be out of state on the day of closing. Thus, you prepared a power of attorney for him to sign giving Mrs. Stanford the right to sign the requisite documents for him. you gave the power of attorney to Mrs. Stanford a couple of weeks ago, and she promised that her husband would sign it and have it notarized. she handled the power of attorney to you a few minutes before closing. You are in the conference room ready to begin the closing. You notice that the signature for Mr. Stanford on the power of attorney does not look like his signature on other papers you have in the closing file. it look like the signature of Mrs. Stanford. what should you do
2) you are conducting the Miller – Morrison closing. You have prepared the closing document, including the HUD – 1 statement. The closing software you use has been customized to default to the customary practices in your country. In your country, it is customary for the seller to pay for the owner’s title policy. you and your supervising attorney have reviewed the closing documents, and you are now in the closing reviewing the HUD – 1 statement with the parties. when you get to the title policy line item, the seller objects to the figure in the seller’s column, stating that the contract specifies that the buyer pays for the owner’s policy. You pull out the contract and find that the seller is correct. You realize that you neglected to override the default in the software and charged the seller rather than following the contract and charging the buyer. The buyer expected to be charged for the owner’s policy but has to come to the closing with a cashier’s check covering the amount of cash due from buyer stated on the HUD – 1 statement. Thus, the cashier’s check is short by the amount charged for the owner’s title policy. How should this situation be handled?
3)ABC Corp, is selling an office building to XYZ,. Inc The contract was signed one month ago, and the closing is scheduled to take place next month. The rent rolls for the property indicated that 85 percent of the rental space is rented, with tenant leases running from three to ten years. Many of the leases contain an option to renew. Tenant Jerry Neville, a plastic surgeon, originally signed a five-year lease with an option to renew for an additional five years. The original lease also gave him the right of first refusal should the landlord decide to sell the building. when it came time to renew the lease. Dr. Neville renewed it, and that lease has three more years before it terminates. The president of ABC Corp. did not consider Dr. Neville’s first right of refusal when he negotiated the contract to sell the building because the original lease with Dr. Neville was signed seven years ago and he simply forgot about that provision. Now the tenant estoppel certificates are being prepared, and the issue has arisen. Dr. Neville has found out about the sale, and he is angry that he was not given the right of first refusal. He wants to purchase the property, but it is already under contract. How should the matter be resolved?
3) Dr. Leary, a veterinarian, entered into a contract to purchase a commercial building for his veterinary practice. The building is located in an area that is going through a transition period. The current zoning ordinance does not permit use of the property as a veterinary clinic. The seller and the sellers’ real estate broker both have assured Dr.Leary that they will be able to get the zoning board to permit the clinic, as the clinic would be in line with the redevelopment vision for the area. The contract, containing a zoning contingency, was signed by the parties, and the closing is scheduled to take place at the end of the week. The seller has now informed Dr. Leary that the zoning board did not meet last month as scheduled and that it is not scheduled to meet again until the middle of next month. He again has assured Dr. Leary that obtaining permission of the zoning board to use the property as a clinic should not be a concern because he has discussed the issue informally with a couple of members of the zoning board. Dr. Leary’s current loan commitment for financing this transaction is set to expire the day after the scheduled closing date. How should this situation be handled?
4) A lawyer shall not give anything of value to a person for recommending the lawyer’s services, except that a lawyer may pay the reasonable cost advertising or written communication permitted by this rule and may pay the usual charges of a not for profit lawyer referral service or other legal service organization.Your supervising attorney is often asked by real estate clients to recommend a good title insurance company. She always suggests Premium title company. In return for this favor, the title agent at premium always suggest your supervising attorney when their customers ask for the name of a good real estate lawyer. Has your supervising attorney violated the above rule by participation the arrangement
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