Agenda / Content Covered

Presenter: Stuart A. Best

1. STEPS PRECEDING THE REAL ESTATE CLOSING
   9:00 - 10:00
   
   1. Real Estate Transaction Preparation Checklist
   2. Preparation of the Purchase and Sale Agreement
      1. Letters of Intent
      2. Contracts for Deed (Installment Sales Contracts)
      3. Key Terms of the Purchase and Sale Agreement
   3. Overview of Title Examination Procedures
   4. The Title Insurance Commitment
      1. Basic Terms and Standard Provisions
      2. Removing the Standard Exceptions
      3. Special Exceptions
      4. Endorsements
   5. Surveys and Legal Descriptions
      1. Survey Requirements and Survey Certifications
      2. Reviewing Surveys and Legal Descriptions
   6. Other Due Diligence
   7. Loan Commitments - Lender vs. Borrower
2. REGULATORY AND CASE LAW UPDATE
   10:15 - 11:15
   
3. SPECIAL CONSIDERATIONS FOR COMMERCIAL AND INVESTMENT TRANSACTIONS
   11:15 - 12:15
   
   1. Entity Formation Issues (Including Special Purpose Entities)
   2. Letter of Intent
   3. CAP Rate
   4. Environmental Liabilities and Zoning Concerns
   5. Advising Your Client How to Appropriately Take Title
   6. 1031 Exchanges - Issues and Tracking
4. THE CLOSING
   1:15 - 2:15
   
   1. Closing Checklist
   2. Closing Documents and Procedures: A Step-by-Step Guide
      1. Types of Deeds
      2. Closing Statement
      3. How to Fulfill Escrow Instructions
   3. Types of Closings: Escrow and Roundtable
   4. What to do When Closings go Bad
5. PROCEDURES FOR RECORDING THE DEED
   2:30 - 3:30
   
   1. Requirements for a Valid Deed
   2. How to Acknowledge the Grantor's Signature (Notary and Witness)
   3. Documentary Stamps and Fees
   4. Electronic Filing Procedures and Concerns
   5. Key Issues by County and County Line Discrepancies
6. ETHICAL CHALLENGES IN REAL ESTATE
   3:30 - 4:30
   
   1. Applying the Rules of Professional Conduct
      1. Good Faith Required in Real Estate Transactions
      2. Lawyers and Title Insurance Companies
      3. Trust Accounts
   2. Predatory Lending Practices - Attorney Pitfalls
   3. Holding of Escrowed Funds
   4. Disclosure of Defects
   5. Spotting and Avoiding Conflicts of Interest

STUART A. BEST is the managing partner of the Michigan litigation & defense, and real estate divisions of Weltman, Weinberg & Reis Co., LPA, which is the largest collections firm in the United States ranked by dollars collected. He and his associates litigate consumer and commercial finance defense litigation, commercial banking, business, and real property matters in both federal and state courts. Mr. Best is part of the integrated real estate default group, and handles complex legal foreclosure and title issues, as well as state law foreclosure compliance. He has a wealth of federal and state court experience and has handled many cases involving the appointment and representation of receivers, the Fair Debt Collection Practices Act, real estate, real estate title issues, landlord-tenant, Collection Practices Act defense, Michigan Lemon Law defense, insurance subrogation, and recoupment. Mr. Best has presented on the Consumer Financial Protection Bureau (CFPB) legislation and requirements, and Michigan foreclosure and collection law. Over the course of his career, he has also assisted clients with issues involving residential and commercial real estate/development, commercial leasing, landlord-tenant law, tax, administrative law, licensing, estate planning, and liquor commission issues and rezoning. Mr. Best has also represented local and national talent in the entertainment industry. He formerly held his Michigan commercial and residential real estate broker license. Mr. Best is a member of the Oakland Bar Association, Greater Detroit Bar Association, and the State Bar of Michigan (member, Real Property Section). He earned his B.A. degree from the University of Michigan and his J.D. degree from Detroit College of Law.