Real Estate Closings: Step-by-Step

Agenda / Content Covered

1. Preceding the Closing Date
   10:00 - 11:00, Anita I. Lotz
   1. The Sale Agreement
   2. The Title Commitment
   3. Endorsements
   4. Survey
   5. Tax Consequences
2. Resolving Title Defects Before Closing
   11:00 - 12:00, Nathan G. Osborn
   1. Breaks in Chain of Title
   2. Mortgage-Related Defects
   3. Easements and Encroachments
   4. Legal Description Errors
   5. Mechanics' Liens
   6. Strategically Employing Title Insurance Endorsements
3. Proper Closing Procedures
   12:15 - 1:15, Richard J. Fox
   1. The Role and Duties of the Settlement Agent
   2. Resolving Last-Minute Issues at the Closing Table
   3. Document Signing
   4. Obtaining Identification
   5. Obtaining Releases
   6. Originals or Copies
   7. Preparing the Documents for Recording
   8. Receipt and Handling of Funds from all Parties
   9. Deposits, Disbursements and Holdbacks
   10. Reconciling Funds Received on the Settlement Statement
4. Post-Closing Procedures: Tying Up Loose Ends
   1:45 - 2:45, Richard J. Fox
   1. Unresolved Issues
   2. Escrow Agreements
   3. Post-Closing Obligations
   4. Post-Closing Agreements
5. Tax Consequences
   2:45 - 3:45, Anita I. Lotz
   1. Capital Gains
   2. 1031 Exchange
   3. Bulk Sale
6. Ethical Considerations
   4:00 - 5:00, Nathan G. Osborn
   1. Applying the Rules of Professional Conduct
   2. Trust Accounts
   3. Representation of Multiple Clients - Conflicts of Interest

Accreditation Details:

Richard J. Fox is an attorney with the Law Office of Richard J. Fox PLLC, where his practice focuses on commercial and residential real estate, construction law, and property related litigation. As legal counsel, he represents buyers, sellers, and lenders in residential and commercial real estate transactions, including title searches and closings, as well as property dispute resolution through mediation and litigation. As a title insurance agent, Mr. Fox reviews title opinions and issues title insurance policies. He is admitted to practice in Vermont and Massachusetts, and before the U.S. District Court for the District of Massachusetts. Mr. Fox is a member of the Vermont, Massachusetts, and Chittenden County bar associations; and is an agent for Vermont Attorneys Title Corporation. He earned his B.A. degree from Rutgers College and his J.D. degree from The George Washington University Law School.

Anita I. Lotz is a member of the Memphis law firm of Farris Bobango PLC, where her areas of practice include commercial lending, real estate transactions, title law, foreclosures and financial institutions regulatory law. Ms. Lotz has spoken for various business and professional organizations on a variety of foreclosure and commercial lending issues. She is a member of the Memphis, Tennessee and American (member, Business Law Section) bar associations; and the Association of Women Attorneys. Ms. Lotz earned her B.A. degree from Northwestern University and her J.D. degree from Boston University.

Nathan G. Osborn is an equity shareholder with Montgomery Little & Soran, PC, in Greenwood Village, Colorado. His practice is focused on real estate litigation, real estate transactions, and commercial litigation. He also helps numerous real estate and medical businesses by acting as their full-service corporate attorney. In addition to his work for clients, Mr. Osborn can be hired as an expert witness in cases involving real estate issues. He is licensed to practice in Colorado and Nebraska. Mr. Osborn represents a broad mix of clients but primarily handles matters relating to real estate title and access disputes, title insurance, boundary disputes, landlord-tenant disputes, leases, foreclosures, title agent negligence, liens, easements, real estate purchases and sales, real estate development, condominium conversions, real covenants, spurious liens, partitions, business formation, and real estate broker license complaint cases. He earned his B.A. degree from Texas Christian University and his J.D. degree, with distinction, from the University of Nebraska College of Law.