When it comes to real estate closings, it's up to you to make sure the transaction runs smoothly and doesn't get off track. There's a lot of ground to cover, and it helps if you know your way. This legal briefing has been designed to provide you with a real estate “GPS” so you can cover all the important waypoints, get your bearings when necessary, and make your way to a successful closing.

1. Preliminary Work
2. Preceding the Closing Date
3. Closing
4. Post Closing
5. Use of 21st Century Technology
6. Ethical Considerations

1. PRELIMINARY WORK
   9:00 - 10:00, John H. Newcomer Jr.
   1. Receipt of Contract or Request for Finance
   2. Opening the File
   3. Contacting the Parties
   4. What to Order and From Whom
   5. Documenting the File
   6. Use and Examples of Check Lists
2. PRECEDING THE CLOSING DATE
   10:00 - 10:45, John H. Newcomer Jr.
   1. The Reports Arrive
   2. What to Do
   3. What to Look For
   4. Reading a Title Report and Turning it Into a Commitment
   5. Reading Payoff Letters, Surveys and Other Data
   6. The Value of Your Computer
   7. Coordinating a Settlement Date With
      1. Buyer
      2. Seller
      3. Realtor
      4. Lender
   8. Insured Closing Letters
   9. Receipt of Closing Package From the Lender
   10. Preparing the Settlement Statement
   11. Other Documents Involved
   12. Complying With Requests in the Commitment
   13. Circulation of Documents for Approval Prior to the Closing
3. CLOSING
   11:00 - 12:00, Roger L. Truemper
   1. The Role of the Settlement Agent
   2. Resolving Issues at the Table
   3. Obtaining Identification
   4. Order of Document Signing
   5. Copies
   6. Handling of Funds From All Parties
   7. Making Sure Funds Receive Balance With the Settlement Statement
   8. Deposits and Disbursements
   9. Getting the Documents Ready to be Recorded
4. POST CLOSING
   1:00 - 2:15, Edward A. Tarlov
   1. Final Certificate From Attorney or Information From Recorder
   2. The Occasional Disbursement of Funds and Escrow Items
   3. Preparing Closing Package to Go Back to the Lender
   4. Policy Preparation
   5. Resolving Any Left Over Matters From the Closing
   6. Releases of Liens
5. USE OF 21ST CENTURY TECHNOLOGY
   2:15 - 3:15, Edward A. Tarlov
   1. Where We Are
   2. Where We Are Going
6. ETHICAL CONSIDERATIONS
   3:30 - 4:30, Roger L. Truemper
   1. Applying the Rules of Professional Conduct
   2. Good Faith Required in Real Estate Transactions
   3. Lawyers and Title Insurance Companies
   4. Trust Accounts
   5. Representation of Multiple Clients - Conflicts of Interest
   6. Disclosure of Defects in Property

JOHN H. NEWCOMER JR. is a partner at Morris James LLP, where he practices in the areas of real estate law and business litigation. Mr. Newcomer represents landowners and developers in the acquisition and financing of property within Delaware. He also represents small and medium size business owners in a variety of contract and other related matters. His litigation practice involves a wide range of commercial and real property disputes. Mr. Newcomer is a member of the Real Estate Section of the Delaware State Bar Association and a Master of the Bench of the Richard S. Rodney Inns of Court. He is a past president of Business Network International, Bear Chapter. He currently serves on the executive board of the Downtown Newark Partnership and chairs its Parking Committee. Mr. Newcomer is a graduate of Wake Forest University School of Law where he was managing editor of the Wake Forest Law Review and a cum laude graduate of Dickinson College.

EDWARD A. TARLOV is a shareholder in the law firm of Elzufon Austin Reardon Tarlov & Mondell, P.A., practicing in real estate law and general litigation. Mr. Tarlov has spoken before business and professional groups on real estate issues. He received his B.S. degree from Ithaca College and his J.D. degree from Drake University. Mr. Tarlov is a member of the Real Estate Section of the Delaware State Bar Association and a member of the Real Property, Probate and Trust Law Section of the American Bar Association.

ROGER L. TRUEMPER is the director in the law firm of Elzufon Austin Reardon Tarlov & Mondell, P.A., where he practices in the areas of commercial and business transactions, residential real estate, commercial litigation, leasing, landlord-tenant, land use and land development. Mr. Truemper is a frequent lecturer at real estate law seminars and has worked closely in advising local boards of realty and realty companies. He is a member of the Pennsylvania Bar Association (member, Real and Personal Property Law Section) and the Delaware State Bar Association (member and chairman, Real and Personal Property Law Section). Mr. Truemper earned his B.S. degree from the University of Delaware and his J.D. degree, cum laude, from Widener University School of Law.

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