The eLearning Center for Gatlin Education Services

This course explores the theory and history of real estate transactions. Students gain a working knowledge of contracts, deeds, mortgages and title reports. The student has the opportunity to handle a theoretical real estate transaction from beginning to end. Many paralegal professionals are gainfully employed in real estate offices where they supervise closings and financings. This course is also valuable for brokers, agents, managers and other real estate professionals.

Objectives:

• Recognize, define and correctly use basic real estate terms.
• Describe the basic principles of substantive real estate law.
• Recognize the basic instruments used in common residential real estate transactions.
• Integrate and apply the knowledge gained in the course to solve hypothetical real estate related problems that might be faced by a client.
• Assist an attorney in each phased of a residential real estate closing.

Supplementary Course Documents

• Anatomy of a Real Estate Closing
• Loan Transactions
• Negotiating Positions of Lender and Borrower
• First Steps: Application and Commitment
• Refundability of Fees
• Limiting Conditions of Lender’s Obligations
• Loan Documents
• The Promissory Note
• The Mortgage or Deed of Trust
• Paralegal's Detailed Checklist for Real Estate Folder
• The Patriot Act and Real Estate?
• Week 3 Case: Cook v. Sullivan
• Discoveries in Real Estate
• Audio Lectures (MP3 Format)

Discussion Topics

Week 1:

• Personal Property
• Additional Discussion Topic TBA

Week 2:

• Deeds
• Additional Discussion Topic TBA

Week 3:

• Mortgages vs. Notes
• Additional Discussion Topic TBA

Week 4:

• The Paralegal’s Role in Real Estate Closings
• Additional Discussion Topic TBA

Practical Assignment (required):

The Practical Assignment is due by the end of Week Three.

Optional practical assignments are also available for extra credit.

Quizzes and Tests

All students are required to take a final test during the final week of the course. Tests are administered in the online classroom, and all answers must be submitted by the last day of class.

Grading:

Grading is calculated as follows:

Course Topics:

Week 1:

• Introduction
• Real Property Law
• Methods of Acquiring Ownership of Real Property
• Inheritance
• Gift
• Contract and Sale
• Adverse Possession
• Short History of Modern American Real Property Law
• Role of the Legal Assistant in a Real Estate Legal Practice
• Concurrent Ownership
• Joint Tenancy
• Tenancy in Common
• Tenancy by the Entirety
• Community Property 
• Contracts
• Requirements of a Valid Contract
• Legal Capacity
• Consideration
•  Lawful Purpose
• Written Agreements
• Remedies for Breach of a Real Estate Contract
• Specific Performance
• Money Damages
• Rescission
• Liquidated Damages
• Elements in a Real Estate Contract
• Parties
• Consideration
• Agreements
• Property
• Price
• Method of Payment
• Quality of Title
• Possession
• Closing
• Closing Documents
• Closing Costs
• Brokers
• Survival
• Assignment of Contract
• Time of the Essence
• Warranties
• Contingencies
• Other Issues 

Week 2: 

• Deeds
• Types of Deeds
• General Warranty Deed
• Limited Warranty Deed
• Quitclaim Deed
• Basic Requirements of a Valid Deed
• Written Instrument
• Competent Grantor
• Identity of the Grantee
• Words of Conveyance
• Description of Property
• Consideration
• Witnessing of Deeds
• Delivery to Grantee
• Preparation of a Valid Deed
• Caption
• Premises
• Granting Clause
• Description
• Habendum Clause
• Warranty Clause
• Testimonium
• Completing of Sections of Deeds
• Exercises in Deed Preparation
• Correction of Deeds
• Reformation and Cancellation of Deeds
• Ethics:  Falsification of Documents

Week 3:

• Legal Aspects of Real Estate Finance
• Promissory Note
• Guaranty
• Mortgages and Deeds of Trust
• Mortgages
• Deeds of Trust
• Security Deeds
• Requirements of a Mortgage
• Parties to a Mortgage
• Secured Debt
• Secured Property
• Assignment
• Satisfaction
• Second Mortgage Loans
• Foreclosure and other Mortgagee Remedies
• Remedies Other than Foreclosure
• Effect of Mortgagor’s Bankruptcy During Foreclosure
• Title Examination
• Bona Fide Purchaser for Value Rule
• Recording Statutes
• Ordering a Title Examination
• Examining Title
• Place to Search
• Period of Examination
• What to Search
• Reviewing the Various Instruments in the Chain of Title
• Other Things to Review
• Preliminary Title Report 
• Title Insurance
• Insuring Provisions of an ATLA Owner’s Policy
• Exclusions from Coverage
• Schedule A
• Schedule B
• Mortgage or Loan Policies
• Commitments for Title Insurance
• Claims

Week 4: 

• Real Estate Closings
• The Environment
• Anatomy of  A Real Estate Closing
• File Creation
• Information Gathering
• Review Contract
• Contact with Parties
• Ordering Title Examination
• Ordering Survey
• Ordering Hazard and Fire Insurance
• Obtaining Termite Clearance
• Satisfaction of Loans
• Satisfaction of Liens
• Reviewing Title Examination
• Reviewing the Loan Commitment
• Parties
• Loan Amount
• Interest Rate
• Term of Loan
• Repayment Terms
• Prepayment Terms
• Security
• Appraisal
• Insurance
• Escrow
• Title Insurance
• Survey
• Compliance with Law
• Financial Documents
• Defaults and Late Charges
• Commitment Fee
• Loan Expenses
• Closing and Commitment Expiration Dates
• Disbursement of Loan Proceeds
• Acceptance of the Loan Commitment
• Assignability
• Checklist
• The Closing and Aftermath