Real Estate Law (LATC-271C)
Real Estate Law (LATC-271C)
Spring 2021
Fact Pattern
Ms. Jessica Fletcher is the CEO of a corporation that is purchasing real property. The closing is scheduled for 2:30 p.m. today. It is your job to make sure the closing runs smoothly. You will present your findings in a notebook due on May 2 (which will be our last class meeting).
The single-family home is located at 1639 Varnum Place, N.E.,Washington D.C. The purchase price is $1 million and the corporation deposited $50,000 as earnest money. Wells Fargo (4302 Connecticut Ave NW Washington D.C. 20008) approved an FHA loan for the full purchase price.
The seller is Mr. Johnson Murphy, 4340 Connecticut Avenue NW Washington D.C. 20008. The settlement agent is Fiorentino Law Firm. 801 N. Capitol NW Washington D.C. 20002. The purchaser is not obtaining any new loans to buy the property nor is the purchaser assuming an existing loan. The corporation will use the single family home to house its out-of-town employees and their families.
Your first requirement will be to fill out the attached chart for each of these individuals.
Termite Inspector
List the education and training requirements for this job. Review the termite inspection report and present your findings in detail including any actions that must be taken.
Radon Inspector
List the education and training requirements for this job. Review the radon inspection report and present your findings in detail including any actions that must be taken.
Broker/Agent
List the education and training requirements for this job. What steps have you taken to prepare for closing?
Appraiser
List the education and training requirements for this job. Review the appraisal report and present your findings in detail including any actions that must be taken.
Surveyor
List the education and training requirements for this job. Use any of the exhibits from Chapter 3 to prepare a meets and bound survey of this property.
Real Estate Paralegal
List the education and training requirements for this job. Complete the HUD-1 Settlement Statement by using the information provided above and your imagination (see Exhibit 11-20).
Presentation: Education and training requirements for your job (if possible use District of Columbia) and your findings and recommendations.
