1. You are a paralegal involved in a real estate sale transaction. The seller of theproperty is Susan T. Clarke. Title examination of the property reveals that there arefive judgements against Susan Clarke, S.T. Clarke, and Sue Clarke. You call theseller, Susan T. Clarke and tell her about the judgements. She informs you on thephone that she is not the Susan Clarke mentioned in the judgements. What do youdo to protect the purchaser in the closing?
2. You are a paralegal representing a purchaser of a home. You have been asked toprepare the scale closing papers. What documents does the Internal RevenueService require you to prepare in connection with the sale? What information doyou need from the various parties to prepare this documentation?
3. You are a paralegal involved in a real estate sale transaction. The seller is a corporation.You have asked the president of the corporation to bring a corporate resolutionauthorizing the sale and execution on behalf of the corporation of the various real estateclosing documents. The president of the corporation delivers to you a corporate resolutionsigned only by the president that authorizes only the president to sign all the documents. Isthere any documentation that you should request from the president to evidence his or herauthority to sign the loan closing documents? Explain your answer.
4.You are assisting in a real estate sale transaction. The title examination reports thatthere is an outstanding loan to second bank and trust on the property. The loan is to besatisfied at closing. You believe that the closing will take place in July 10 you obtained fromsecond bank and trust a satisfaction payoff letter indicating how much money is needed topay the loan as of July 10. The loan closing is delayed and does not take place until July 15.Is there any additional information that you may need from second Bank and Trust for theJuly 15 closing? Explain your answer.
5.You are preparing a title affidavit for a real estate closing. Exhibit A to the affidavit is alegal description of the real property, and Exhibit B is a list of title exceptions to the realproperty. Where would you get the information to complete Exhibits A and B?
6.You are a paralegal employed by a law firm that is representing a purchaser of acondominium unit. You have been asked to assist an attorney in the closing of thesale. What documentation in regard to the condominium would you request fromthe seller? What issues would you want answered from the seller or from a review ofthe condominium documentation?
7.Julie is the owner of a unit in a condominium that has both common areas andlimited common areas. The condominium association is responsible for repairing allcommon areas; unit owners are responsible for repairing all limited common areas.A deck that is attached only to Julie’s unit needs rep airs, as well as the sidewalkthat runs in front of Julie’s unit and other units on the street. Julie asks thecondominium association to repair her deck and the sidewalk. Will the associationrepair her deck? Will the association repair the sidewalk? Explain your answers.
8.Ryan wants to purchase an apartment unit in what he believed is a condominium.When talking with the sales agent, the agent explains that Ryan will have topurchase stock in the corporation that owns the building and enter into a long-termlease with the corporation for his apartment unit. Is Ryan buying a condominiumunit? If not, in what kind of project is Ryan buying a unit? Explain your answers.
9.Courtney is the owner of a condominium unit. The condominium has as part of itscommon area a large swimming pool, two tennis courts, and health club. Thefacilities can be used by the condominium owners. The cost of maintenance of thefacilities is paid by a common area assessment charged to each owner. Because ofCourtney’s work schedule, she does not use any of the facilities. Courtney thinks it isunfair for her to be assessed the cost and is thinking about refusing to pay theassessment. Can Courtney legally refuse to pay any common area assessmentbecause she does not use the facilities? Explain your answer.
10.Ajax Stores, as a tenant, is negotiating a lease with Farris Realty Company. Ajaxintends for the leased premises to be its main store location and is negotiating a 20-year lease. In addition, Ajax is anticipating that it will spend approximately$250,000 on trade fixtures and other improvements to the leased premises. Ajaxconducts a title examination of the leased premises and discovers that Farris RealtyCompany has encumbered the leased premises with a mortgage to First Bank andTrust to secure a debt of $1.5 million. As a paralegal working for a law firm thatrepresents Ajax, you have been made aware of the mortgage to First Bank andTrust. Should Ajax be concerned about the mortgage to First Bank and Trust? If so,what safeguards can you think of to protect Ajax?
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