Although title companies, lenders, and contracting parties may be able to continue business by telecommuting during the coronavirus pandemic, they still may need to adapt and change their closing checklists to assure that closings go forward as planned.
Read MoreDifferent aspects of the financing process occur at different points in the real estate transaction. Yet, most real estate buyers depend upon the money from mortgage lenders to buy the property; the real estate transaction cannot occur without financing.
Read MoreDuring the time between the end of the due diligence inspection period and the closing, parties to a real estate transaction prepare for the closing, but they also must be sure that unexpected developments don't derail the transaction.
Read MoreMost real estate purchase contracts include a due diligence inspection period. Although there are certain inspections which every buyer should conduct, others will depend upon the age, location, and use of the property and the buyer's plans.
Read MoreThe pre-contract period, when the parties negotiate contract terms and may share information is the important first stage in a real estate transaction.
Read MoreReal estate transactions can be broken into seven standard parts. Despite this, each transaction is as different as the parcel of real estate being purchased.
Read MoreJulian Altman stole a Stradivarius violin and "hid" it in plain sight as he performed on it for nearly 50 years. Fraud in real estate transactions also has moved out of the shadows and into plain view as fraudsters impersonate transaction parties.
Read MoreIn the 1960's, Genevieve Veder donated the Duke of Alcantra Strad to UCLA, which loaned the valuable instrument to violinist David Margetts, who lost it. When the instrument surfaced 27 years later, another violinist claimed that she was the rightful owner because UCLA did not have complete documentation showing its ownership. Documentation showing change of ownership is equally important in real estate transactions.
Read MoreSight-reading is a crucial skill for a professional musician. Many auditions include a sight-reading “test,” to see whether the musician can perform at a high level with little rehearsal time. When reviewing real estate contracts, many people act like an inexperienced musician sight-reading music.
Read MoreRecently, while in the midst of a managing a complicated commercial real estate closing, I took a few hours off to attend an orchestra concert. During intermission, while orchestra took a break, a string quartet played in the lobby. It was then that I realized that the typical commercial real estate transaction frequently has at least 15 different roles and is much more like an orchestra than a string quartet.
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