Professional Documents
Culture Documents
I. Role of Brokers
1) Especially in area of residential real estate transactions, brokers play a
very large part because for the most part, residential and commercial
deals are made by brokers.
2) When they get involved in dealing with them, they are always going to
try to make the deal as quick as they possibly can. Tension between
lawyers and brokers. We are conservative and want to protect clients
rights. Were protective of our roles
3) If you are licensed RE sales person or broker (broker is someone who worked for a
period of time as a RE sales person, who has had experience in doing RE deals, and
opened his own RE business) whether you are either, you have power to recover
brokerage commission when you are PROCURING cause for sale of parcel of RE.
4) 3 prong test for broker to recover commission duly lisenced broker; had K, express or
implied w party to be charged w paying commission; broker was procuring cause of sale
5) No question that broker can have oral K w customer for sale of RE and can recover.
6) When brokers try to get clients to sign binders (it is a contract and a
binding contract when both sides decide) it will bind buyer and seller.
Brokers always want people to sign them because it solidifies the deal.
7) In order for a binder to be a valid contract, must identify parties and 2)
must identify the subject; and 3) must express the consideration
(price).
8) Must go a little beyond that because if there is going to be financing
involved, buyer may insist on a contingency i.e. buyer will need to
get a mortgage loan and in order to get a mortgage loan, he needs to
get it for at least a certain percentage of the price.
9) Banks make loans on basis of appraised market value (not the sales
price). So if the purchase price is much higher, what do you do about
the difference? If buyer cant come up with the difference in cash, hell
want to provide a right in the binder to back out of the deal unless he
can get financing for a certain amount as opposed to a percentage of
the price.
10)
So if buyer cant get X amount of financing, he has the right to
get out of the deal.
11)
Deals w/ brokers are done every day seller calls lawyer and
says we have just signed a deal w/ the buyer to sell the house.
12)
Lawyers should say that binders are subject to a formal contract
to be executed by the parties so it is nothing more than a letter of
intent.
13)
There is an element of good faith. It is implied in execution of the
contract.
14)
So binders can be contracts; can be enforced.
15)
There are different types of contracts w/ brokers. 3 types:
Open listing give you the listing, not exclusive, means that anyone can also sell
the house, seller can hire another broker to assist him in selling the house, no
exlcusive right to recover brokerage commission, you take chances, unless youre
procuring cause of sale but other brokers may be involved. (rare)
exclusive right to sell. - agreement by which broker recovers if
ANYONE sells property including the owner, exclusive right to sell
provides that in the event that I sell your prop I will be entitled to
commission; however if you or anyone else sells your prop I will be
entitled to commission. When representing buyer have to limit
agreement for broker exclusive right to sell, ex 3 months, broker
will ask for 6 months will try to extend it for as long as they can;
reason for this is that the broker who got the initial listing and has
right to sell will dow.e. they have to in order to sell the house wo
losing money already spent making ads to sell the house by some
other broker who sells it and get the commission. That broker has
the exclusive right to sell the house and no other broker is allowed
to list it exclusive right that the broker has to sell the house alone
but even if you sell it to someone else, they still get a commission.
Exclusive right to sell gives an agency commission no matter who
sells it.
Exclusive Agency - seller of prop carves out potential buyers, such that if those
potential buyers agree to purchase the house no commission is earned. Lists people
who are carved out, one of them being the seller being able to sell to one of the folks.
if seller sells the property w/o the broker, no brokerage commission
is paid.
16)
In multiple listing sellings, almost always more than one broker
involved so listing broker who doesnt bring about the sale but is
involved w/ another broker who may have produced the customer,
there is a commission owed and it is shared amongst them. Generally
speaking more than one broker involved in RE transaction multiple
listing service is example. Since brokers have discreet number of
customers that show, commission can be shared.
17)
Allegiance broker owes is to the seller. Seller pays their
commission. And theyre commission is based on a contract doesnt
have to be in writing. If they are licensed brokers in the state of NY,
they do not need a written agreement to act as a broker. A condition to
recovering commission, is you are licensed but dont need written
agreement. You do want one though. Want to express what percentage
you get.
18)
Brokers regulated by NY State in order to get licensed as a real
estate sales person you must be employed by a brokerage in order to
be a broker you need experience as sales person. NY state is the
agency that licenses them. NY Dept. of State regulates brokers
activities. Lisenced by Dept of state, in NY in order to be lisenced to
sell RE have to be a lisenced RE sale person who works w a lisenced
broker to become one u have to take certain courses.
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b. An option of this type caps buyers potential gain fro the property
w/o limiting its loss and also makes property more difficult to
finance.
c. Right of first refusal allows the holder of the right to match
any offer to purchase the property that the owner receives from
a third party.
i. These are undesirable form the buyers perspective.
Delay future sales of the property. Also discourages third
parties from making offers.
d. Right of first offer means owner must allow tenant to make
first offer on property before he puts it on the market. If owner
rejects tenants offer, he cannot accept a lower price from a third
party. Buyer may thus worry that, as the future owner of the
property, if it rejects the tenants offer, its flexibility in
negotiating w/ other prospective buyers will be limited.
29) Assignment and Sub-letting Rights (pg. 178)
a. Buyer will want to know whether it has control over selection of
all occupants of the property. This LL control can be undercut by
existing tenants if they have unrestricted right to sublet their
space or assign their leases to third parties.
b. Typically the LL may permit subletting and assignment only with
its consent, which it will agree in advance not to withhold
unreasonably.
c. LLs dont want to compete with their tenants.
30) Security Deposits (pg. 180)
a. Once property changes hands, buyer, rather than the seller, is
entitled to enjoy the benefits of the security deposit. Seller
should transfer all security deposits to the buyer at the closing.
31) Guarantees (pg. 181)
a. LLs sometimes demand that a third party guarantee
performance of a tenants leasehold obligations.
b. Buyers counsel needs to determine whether any lease
guarantees exist and needs to confirm that the guarantee will
benefit he new owner after the seller transfers the property.
32) Leasehold Financing (pg. 183)
a. Tenants interests in leases are mortgageable if LL agrees it will
send copies of all default notices to the lender; will afford the
lender an adequate grace period during which it may cure any
tenant defaults; and will accept the lender, any foreclosure sale
purchaser, or any assignee of either of these parties as a
substitute tenant.
i. Tenant may plan to spend a large sum to improve or
renovate its space; it may decide to borrow some portion
of this amount and give its lender a mortgage or deed of
trust on its leasehold interest. If tenant fails to pay amount
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c. Real property tax liens are ALWAYS prior to mortgage loans, even
if the mortgage was recorded before the taxes accrued, and the
borrow that fails to pay its taxes makes the lenders security that
much less valuable.
i. Why? public policy: tax revenue is used to run the
schools.
d. Just as lender may insist on an escrow for payment of insurance
premiums, it also may demand an escrow for payment of real
property taxes and assessments.
e. Lenders will typically insist that as these taxes get paid, the
buyer provide them with notice of payment/copy of the bill.
11) Prior Mortgages (pg. 219)
a. If lender is making a junior loan, it will have some obvious
concerns about all senior debt. It will want to know the status of
this senior debt as of the closing, including the outstanding
principal, the interest rate, and the due date. Junior lender will
also want assurances that there are no defaults on any senior
debt.
b. To reduce risk, junior lender is likely to condition the funding of
its loan on receipt of agreements from all senior lenders that
they will provide it with notice of any defaults on their loans and
w/ the opportunity to cure those defaults. They will typically start
making payments on those defaults to preclude foreclosure.
c. From junior lenders point of view, it is essential that the loan
commitment contain a closing condition mandating that all
holders of senior debt protect the junior lender in this way.
12) Appraisal (pg. 220)
a. Lender may insist that an independent appraiser place a value
on the property and that this appraised value equal or exceed
the K price.
b. If the lender has agreed to lend an amount that is close to the
max that its internal loan-to-value guidelines or applicable
lending regulations allow, then the appraisal must confirm the
accuracy of the sale price set forth in the K of sale.
c. Loan commitment should specify the appraisal method.
d. Loan commitment will usually provide lender w/ the right to
terminate commitment w/o penalty or to reduce the principal
amount pro rata if the appraiser determines that the value of the
property is too low.
13) Creditworthiness Matters (pg. 221)
a. Before lender enters into the loan commitment, it will assess the
borrowers professional experience, financial condition, and
borrowing history and will examine the property itself, as a
means of deciding whether the borrower merits a loan in the
amount it has requested.
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e. Co-Ops are often all cash buildings. The boards dont want
anyone living in the co-op that could potentially default on a
loan. If they did, and the lender foreclosed, they could potentially
sell it to someone the co-op board might not have approved to
live there under normal circumstances.
f. Interest rates usually higher in co-ops
g. Owner of a unit in a co-op can deduct a pro-rata share of taxes
and pro-rata share of interest.
h. Note: 80% of co-op itself (sq. footage) must be used for
residential purposes in order to deduct. Cant exceed 10%
commercial use.
3) Purchase and Sale of Co-ops/Condos
a. Highly regulated
b. When purchasing stock, an offering plan HAS to be filed with the
state.
c. Why offering plans?
i. Public sale of the security.
ii. Note: in condo sales, it is a sale of the unit.
4) Conversion Scenario
a. For example: owner is cashing out and selling the units in his
former rental apartment.
b. What does the sponsor want to do? Until a majority of the
units are sold, he will be a member of the board until such time
as a certain % of the sales of that unit take place.
c. Typical exchange:
i. Owner goes to attorney and says I have a building and I
want to convert it to a condominium. How do I do it?
ii. Attorney says: How much would they sell for?
iii. Owner: 4-500k.
iv. Attorney: We should get an appraisal.
v. Owner: Any other professionals we should hire?
vi. Attorney: Yes. Seek out an active broker in the area who
will help.
5) Preliminary Offering Plan
a. Its a red herring. It goes to the Attorney General to approve. In
the meantime, you can not sell the units, BUT you can take
deposits (refundable) after you have checked with the AGs
office.
b. As an attorney, you must advise your client (the owner) that if
theyve had any issues with the law, they need to disclose it to
the AGs office. Anyone with an interest in the real estate NEEDS
to be disclosed to the AGs office.
6) Homeowners Association
a. Hybrid entity that usually exists in cases where there is a group
of units that look like single family homes but there are also
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c. Under Chapter 11, lenders loan might or might not survive the
bankruptcy proceedings.
d. Borrower benefits from automatic stay provision all
foreclosures, whether pending or merely contemplated, are put
on hold until the court lifts the stay. Federal filing stops the state
foreclosure process in its tracks.
e. Easier for a lender to have a stay lifted under Chapter 7 than
under Chapter 11 but stay will delay lenders exercise of its
foreclosure remedies under either Chapter.
f. Under Chapter 11, lender that is unable to have the stay lifted
will have to participate in the process of approving the
reorganization plan.
g. At a minimum, the lenders lawyer must be sure that any
bankruptcy filing constitutes an Event of Default, thereby
allowing the lender at least a chance to employ its full arsenal of
remedies (for example: accelerate loan/seek foreclosure).
19) Deeds of Trust (pg. 275)
a. Mortgage is a two party document. Deed of trust is a three party
document.
20) Assignment of Leases and Rents (pg. 276)
a. If mortgaged property produces rental income, lender should
receive an assignment of leases and rents from the borrower.
b. Assignment allows lender, rather than the borrower, to receive all
tenant rents directly from the tenants upon the borrowers
default.
c. Upon default, lender can activate its remedies under the
assignment of leases and rents by sending written notice to the
tenants instructing them to begin paying rent to the lender
rather than to the borrower.
d. This is a powerful pre-foreclosure remedy. The lender takes
control of some or all of the cash flow form the property and
thereby ensure that it receives the money to which it is entitled.
i. Some drawbacks: money that lender receives is money
that the borrower might otherwise have used for
maintenance of the property; also might not address other
problems for example if the default resulted from the
tenant having trouble courting new tenants.
21) Security Agreements and Financing Statements (pg. 278)
a. Lender often requires borrower provide it w/ a security interest in
borrowers personal property. This is especially important when
the property is a hotel.
b. Creditor acquires interest in personal property by having debtor
pledge a security interest in the personal property of the creditor.
This pledge is accomplished by debtors execution of a simple
security agreement, which is analogous to the real property
mortgage.
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c. Fixtures fall into the gray area between real and personal
property. These are personal property that become permanently
affixed to real estate.
22) Guarantees (pg. 280)
a. Lenders sometimes insist on receiving personal guarantees as
additional security for the repayment of the loan.
b. Lender is more likely to demand a guarantee if it is worried about
the adequacy of its other security. If the property is highly risky
or if the borrowers financial status suggests that it is unlikely to
be able to satisfy a personal judgment, then the lender may
refuse to lend w/o receiving additional comfort of a 3rd party
guarantee.
23) Participation Agreements (pg. 281)
a. Lenders sometimes sell participation interests in their mortgage
loans, particularly if the principal is large.
b. Lead lender usually retains original note, administers the loan,
collects funds from borrower and distributes funds to the
participants, and enforces any remedies if that becomes
necessary.
24) Seller-Financing (pg. 282)
a. Sellers occasionally serve as lenders. If so, parties will probably
incorporate the terms of the loan into the K of sale, rather than
executing a separate loan commitment.
b. If buyer is putting sufficient cash into the deal, the seller will say
okay I will participate in the transaction. Ill take a second
mortgage position behind your mortgage. Ill give you a
mortgage for a short period of time at an interest rate that will
be profitable to me. REMEMBER, seller is not CUTTING THE
PRICE or handing them say $300k in cash the borrower gives
you a promissory note promising to pay you out the money over
time that you would have received form them at the closing.
c. If there is default, make sure you (seller) are protected and that
your mortgage instrument gives you right to foreclose if the
buyer defaults on the First mortgage loan. Seller/lender will want
right to default the buyer if the buyer doesnt pay first mortgage
and will want to be notified by the lender of first mortgage in
event of a default.
25) Assumption of existing financing (pg. 283)
a. Allows buyer to enjoy benefits of the original interest rateeven
if rates have increased since the loan was extendedand all the
other terms of the original loan.
b. Buyer and seller must confirm that the sellers loan documents
permit the buyer to assume existing financing. Might need to
obtain lenders consent.
c. Lender may be perfectly happy to permit buyer to assume the
loan. If prevailing rates have not changed or if the loan is an
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b. Jr. lender will enter into a loan commitment w/ the borrower, will
perform due diligence, and insist on satisfactory documents.
c. Jr. lender should take steps necessary to ensure that it will
receive notice of any defaults on senior debt along w/ an
adequate opportunity to cure those defaults. It does not want
senior lender foreclosing, and potentially wiping out its own
junior mortgage without at least having the opportunity to decide
whether it wishes to cure the default to protect its own interest.
d. Jr. lender should also seek a cross-default provision, under which
a default on any other debt constitutes a default on its own. This
allows junior lender to being exercising its remedies even if the
borrower has otherwise managed to remain current on its
obligations to the junior lender.
e. Why would a bank ever be willing to subordinate its interest? if
interest rate is higher than market also they might feel there is
sufficient equity in the deal to permit the deal to go forward and
still keep them in a relatively well secured deal.
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a. Deed conveys real property but NOT personal property, and the
seller will also need to execute a bill of sale to convey most types
of personal property.
b. Bill of sale is in essence a deed to the personal property. Should
contain a list of all the personal property the seller is conveying.
6) Title Insurance (pg. 301)
a. Main concern for buyer and lender is to make sure that someone
has addressed each of the outstanding problems disclosed in the
title commitment. Buyer and lender will not proceed to close until
each of them receives either an acceptable and irrevocable
commitment from the title company or an actual policy of title
insurance on acceptable terms.
b. Primary focus of each of these parties will be the list of title
exceptions that appears in Schedule B of the commitment. Only
exceptions remaining on Schedule B should be these that the
parties agreed in advance would remainsuch as mortgages to
be assumed by the buyer or acceptable reciprocal easement
agreementsor any newly discovered matters that the buyer
and lender deem to be acceptable.
7) Payoff Letters and Satisfaction of Existing Mortgages (pg. 303)
a. In many transactions, the buyer plans to obtain new financing of
its own and does not want the existing financing to survive the
closing.
b. The existing mortgage will appear on Schedule B of the title
commitment, but no one should be surprised to find this
financing listed as an exception, and the seller will plan to pay
this loan off at the closing out of the sale proceeds.
c. The events necessary to remove the lien and transfer title to the
buyer must all happen simultaneously, and until they do, the
mortgage remains unsatisfied of record and continues to appear
as an exception in the title commitment.
d. Payoff letter is a letter from the existing lender that states the
amount the lender must receive before it will return the sellers
note and execute and deliver a recordable satisfaction of
mortgage.
e. If the title company is comfortable with the payoff letter and with
the identity of the existing lender, it may be willing to insure over
the existing mortgage on the basis of the payoff letter once it
knows that the funds necessary to satisfy the mortgage have
been delivered.
f. Once the parties receive the mortgage satisfaction, they should
record it promptly.
8) Opinions of Counsel (pg. 305)
a. Many law firms have strict internal review procedures for issuing
legal opinions because of the enormous liability that can result
from delivering an erroneous opinion.
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date, the length of the billing period, and whether the seller has
made the payment in advance or the buyer will have to make the
payment in arrears.
15)
Calculating Fees, Commissions, Taxes, and Other Closing Costs
(pg. 311)
a. Many of the service providers who participate in the transaction
will insist on being paid at closing.
b. Each lawyer must make sure to include every required payment
on his or her clients internal closing checklist and on the closing
statement.
c. Title insurer is normally paid at the closing.
d. Real estate brokerage commissions will also be paid at closing.
e. Similarly, mortgage brokers will demand payment at the closing.
f. Some or all of the lawyers may insist on being paid at the
closing.
g. Parties themselves may be entitled to payment.
h. Closing of title and lending of funds often lead to a variety of
taxes, fees, and other charges imposed by government. Nature
of these charges, amounts of the fees, and the identity of the
person responsible for paying them may vary substantially from
place to place, but the parties must make sure that all necessary
amounts are accounted for at the closing.
16)
Notices (pg. 314)
a. Someone needs to send official notices to a variety of affect
parties, including tenants and if buyer is succeeding to the
sellers rights under any employment agreements, service Ks, or
franchise agreements, seller must send notices to the other
parties of these contracts.
b. Notices should be included on the closing checklist.
17)
The Walkthrough (pg. 314)
a. Buyer and lender should perform a final inspection of the
property as close to the closing date as possible (the
walkthrough) in order to: 1) ensure seller has made all repairs
that it is supposed to make; and 2) make sure no new problems
have arisen since the parties last examined the premises.
b. If seller does not have time to resolve all items that still need to
be resolved as of the walkthough buyer has two options by
which he can charge the seller: 1) buyer can agree to make these
repairs and can receive credit against the purchase price for the
estimated cost; and 2) seller can agree contractually that it will
make these repairs after the closing.
c. NOTE: remember K of sale may merge into the deed at the
closing, so the buyer and lender will want to be sure that the
sellers obligation to make these repairs survives in some cases
they will achieve this goal by entering into a separate agreement
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18)
X. The Closing
1) Table, or NY Style Closing (pg. 319)
a. Usually gather around a conference room at the office of the title
company or one of the lawyers.
b. Each party sends a representative authorized to execute
documents on that partys behalf, and other service providers,
such as title company reps and lawyers, perform their
designated roles.
c. Table closing allows all unmet closing conditions to be satisfied
simultaneously:
i. Buyer will not want to tender purchase price to the seller
until the sellers current lender delivers either a
satisfaction of current mortgage or a payoff letter stating
exactly how much money seller must repay before the
current lender will deliver this satisfaction.
ii. Buyers lender does not want to tender the loan proceeds
to the buyer until it is confident that the mortgage the
buyer is delivering in return will be the only mortgage on
the property.
iii. Seller does not want to execute and deliver the deed until
the buyer delivers a certified check or wires the funds.
2) Escrow Closing (pg. 320)
a. In an escrow closing, the parties select an escrow agent or
closing agent and entrust the documents and the funds to this
agent.
b. Escrow agent may be the title company, the lawyer for one of the
parties, or a representative of the escrow company.
c. If everyone performs as they are supposed to, escrow agreement
or instruction letter will authorize escrow agent to release all
documents and funds to specified parties.
d. Escrow closing allows the parties to effect the transaction w/o the
need to assemble everyone in the same room at the same time.
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ii. Borrower should NEVER sign more than one original note,
and this unique original note should be delivered to the
lender.
6) Delivery and Distribution of Funds (pg. 328)
a. Any party that is entitled to be paid at the closing, and in
particular the seller, will probably insist on receiving its funds at
the closing.
b. Wiring money has numerous benefits but be prepared in case
something goes wrong.
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the SOF. Partial performance means that one party to the agreement
has substantially changed his position (almost always the buyer) and
the law provides the partial performance must be referable to the
contract. You see this more in rural areas, i.e. farmers.
We know Ks that are for the sale of real estate can include a lot of
terms relevant or relating to the financing that ultimately will be
obtained to allow the purchase of the property. If K is going to be
subject to obtaining financing, K should be very specific about that
and specific about how much time the buyer has to obtain that
financing. Should not be for an unlimited time.
In some cases there is existing financing and that the K of sale will be
subject to the existing financings so that buyer takes title subject to
existing financing. That is fine providing that the mortgage that is
existing on the property does not require it to be paid off in the event
of a sale (many mortgages have due on sales clauses that say
mortgage must be satisfied before sale). 43:01
If you have a sale of property in Greenvale NY for 1mm and 500k worth
of indebtedness on the property. How do you have to come up with if
you have to buy subject to existing mortgage? 500k in cash. If its a
2mm deal and there is 500K in existing debt and an additional 500k
worth of financing coming into the deal how does he get structured.
Youll need to come up with 1mm cash. How do we get new bank to do
it: 1) existing mortgage that says you dont need to pay off the
mortgage due on sale; and 2) get existing lender to subordinate his
position to new money coming in.
Why would bank be willing to subordinate its interest? if interest rate
is higher than market they might feel there is sufficient equity in the
deal to permit the deal to go forward and still keep them in a relatively
well secured deal.
As an attorney, you are going to be asked to assist in structuring deals.
You need to know your clients rights w/ respect to existing obligations
on property that you are taking over. You will only know whether lender
is willing to cooperate is by contacting them. 49:36
Problem that exists today is that nobody knows where these loans are
any more. They are being packaged and securitized and sold off to
different individuals.
In structuring a deal, from time to time sellers will take back purchase
money mortgages seller becomes lender. If buyer is putting sufficient
cash into the deal, the seller will say okay I will participate in the
transaction. Ill take a second mortgage position behind your
mortgage. Ill give you a mortgage for a short period of time at an
interest rate that will be profitable to me. REMEMBER you are not
cutting the price or handing them say $300k in cash borrower gives
you a promissory note promising to pay you out money over time you
would have received from them. If there is default, make sure you are
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the same as the loan documents very often they are not. So you
have to read them both.
Remedies/Default
Builders of units in condos will obtain loan to build that condo when
you are selling condominiums, what are you selling? You are selling real
property. Each unit is the same as a single-family house.
When you are buying a co-op, you are buying shares in a corporation
you get stock you DONT get an interest in real estate. You are
getting a proprietary lease that says you can live there as long as you
are an owner of stock.
Owner of cooperative stock who wants to borrow money to buy that
coop is in a different position than the person looking to buying a unit
in a condo.
Lender is not in subordinate position when dealing w/ condos. Most of
time w/ co-ops, lender is in inferior position usually already a
mortgage in place. Cost of carrying the loan is passed on to the co-op
owners (maintenance fees).
Interest rates that will be paid for borrowers buying condos is much
lower than what you would pay on cooperative loans because the
lender is in a subordinate position so the interests rates are higher.
Benefits of operating as a condominium is that the units are more
marketable.
Law w/ regard to co-operative board approvals is harsh against unit
owners. Does not have to be any reasonableness associated with
denying a tenant.
If default on co-op, bank gets the security. They dont want that
situation, so co-ops will often say you cant borrow money from bank to
pay for your co-op unit. They want to maintain their aura of exclusivity.
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What about tenant leasing unit to someone else? whether you can
depends on bylaws of the condo or co-op. Many condos will provide
that if you want to lease it, you need approval of the condo board.
Price you pay for co-op stock is based on market value and mortgage
on the building.
Lis Pendens
If I enter into a K w/ you to sell my house, and you as the buyer are
ready willing and able to close and I as the seller am in a difficult
position what do I do? I have to sue you for specific performance
but youve entered into a K with someone else.
To prevent that from happening, law permits buyer to follow a notice of
pendency that puts the world on notice that you have an interest in
property. It is very important right.
Exists in mortgage foreclosure proceedings. Lets the world know thats
happening. Also boundary disputes.
Any claim where a party insists they have a claim in real property.
Priorities
Federal income tax liens do not have priority over a mortgage. First
mortgage has priority over federal income tax lien.
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Notarization
Only docs that have to be notarized are those filed in county courts.
Things like contracts dont need to be. Filing a contract because of
Contract vendees have a lien? Yes. Lien which is insurable.
Do people have to have lawyers represent them when executing
documents? No.
Dont have to be a lawyer to represent you in signing of a binder.
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