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Overview
Handle Real Estate Closings With Skill and Efficiency
Real estate closings are a maze of confusion that require a skilled attorney to successfully navigate. Ensuring proper timing of seemingly disparate elements is critical to ensure closings remain on track and don't lead to further issues down the road. This online seminar will provide you with the information you need to confidently orchestrate the real estate closing process from start to finish. You will obtain essential information on analyzing key transaction documents, resolving potentially devastating title defects, handling closing funds with efficiency and more. Take the confusion out of the real estate closing process - register today!
- Confidently navigate the in's and out's of the real estate closing process.
- Review sale agreements and coordinate key transaction elements before the closing date.
- Analyze title commitments for issues that will lead to trouble down the road.
- Confidently resolve critical last-minute closing issues that have the potential to derail the whole transaction.
- Tie up any loose ends that may unravel after the closing, including post-closing title issues.
- Avoid critical liability pitfalls that lurk in the real estate closing process.
Abbreviated Agenda
- The Closing Process Explained: A Practical Refresher
- Preceding the Closing Date
- Reviewing the Title Commitment: What to Watch out for
- Proper Closing Procedures
- Post-Closing Procedures: Tying up Loose Ends
- Ethical Considerations
Credit Details
Credits Available
| Credit | Status | Total | Until |
|---|---|---|---|
| Illinois CLE |
|
6 Total | 06-17-2027 |
| Missouri CLE |
|
6 Total | 06-18-2027 |
Select Jurisdiction
CLE
Agenda
-
The Closing Process Explained: A Practical Refresher
-
Preceding the Closing Date
- Opening the Closing: How to Get Started
- Review of the Sale Agreement
- Insured Closing Letters vs. a Title Policy
- Coordinating a Settlement Date and Items Not to be Forgotten
- The Reports Arrive: Reading Payoff Letters, Tax Searches and Other Data
- Receipt of Closing Package from the Lender
- Circulation of Documents for Approval Prior to the Closing
- Other Documents Involved
- Example Checklists
-
Reviewing the Title Commitment: What to Watch out for
- Schedule A Landmines
- Schedule B Bear Traps
- Analyzing Land Surveys and Legal Descriptions
- Negotiating Removal of (or Affirmative Coverage for) Exceptions
- Essential Title Insurance Endorsements to Obtain
- Resolving Common Title Defects
-
Proper Closing Procedures
- The Role and Duties of the Settlement Agent
- Resolving Last Minute Issues at the Closing Table
- Document Signing
- Obtaining Identification
- Originals or Copies?
- Preparing the Documents for Recording
- Receipt and Handling of Funds from all Parties
- Deposits, Disbursements and Holdbacks
- Reconciling Funds Received on the Settlement Statement
- Avoiding Liability Pitfalls
- Example Checklists
-
Post-Closing Procedures: Tying up Loose Ends
- Final Recording Information or Certificate from Attorney
- Conducting Post-Closing Title Searches
- Releases of Pre-Existing Liens
- Preparing and Returning the Closing Package to the Lender
- Post-Closing Covenants
- Resolving Any Remaining Closing Issues
- Example Checklists
-
Ethical Considerations
- Applying the Rules of Professional Conduct
- Good Faith Required in Real Estate Transactions
- Lawyers and Title Insurance Companies
- Trust Accounts
- Representation of Multiple Clients - Conflicts of Interest
- Disclosure of Defects in Property
Who Should Attend
This basic-to-intermediate level online seminar provides an overview of the real estate closing process for:
- Attorneys
- In-House Counsel
- Real Estate Professionals
- Title Insurance Professionals
- Settlement Agents
- Lenders
- Paralegals
Speakers
Speaker bio
James A. Hochman
is a partner with the Chicago firm of Schain Banks Kenny & Schwartz, Ltd., where he represents commercial real estate brokerage firms, landlords, tenants, and commercial real estate investors, assisting in all phases of commercial and residential real estate. Mr. Hochman is a frequent speaker on real estate broker-related legal issues for state and local estate organizations. He co-wrote and sponsored the Illinois Commercial Real Estate Broker Lien Act; and through his drafting and lobbying efforts, several other states have adopted similar statutes. Mr. Hochman is also active in support of license portability legislation for commercial real estate brokers, and is the architect and drafter of statutes in several estates on that issue as well. He earned his A.B. degree from Brown University and his J.D. degree from Boston University School of Law.
Speaker bio
Michael Mazek
has had a passion for the legal profession since childhood, when he began managing rental properties for his Polish-immigrant parents as a teenager. This early entry into the Chicago landlord-tenant marketplace gave him a unique perspective on the law. Mr. Mazek saw that non-native English speakers and immigrants had a disadvantage in court. He also recognized that affordable housing is central to any municipality's success. Mr. Mazek's path into the legal profession was spurred by these inequalities. After graduating from the University of Illinois at Chicago, he earned his J.D. degree from The John Marshall Law School, where he was a member of the John Marshall Law Review and The Journal of Computer and Information Law. In addition, Mr. Mazek was a valuable contributor to The John Marshall Fair Housing Legal Clinic, representing clients in housing discrimination cases. His most significant contribution at the clinic was as co-counsel for successful appeal of Godinez v. Lackey-Sullivan. This landmark decision clarified whether Section 8 housing vouchers qualified as "sources of income" for purposes of the City of Chicago Fair Housing Ordinance. In 2009, Mr. Mazek launched his private boutique firm, Mazek Law Group, LLC, to provide high quality legal representation at affordable rates. He represents clients in the areas of real estate transactions, real estate litigation, estate planning, probate, criminal defense, and bankruptcy. Mr. Mazek is admitted to practice in the state of Illinois.
Speaker bio
Jonathan T. Luljak
is a partner at Michael Best & Friedrich LLP. He represents real estate developers and businesses in acquiring, entitlement, financing and constructing commercial real estate projects. He helps his clients navigate state and local government issues, including zoning and tax issues. Additionally, Mr. Luljak advises clients seeking to limit capital gains exposure in their property sale by structuring 1031 exchanges. Known for his diligent approach to resolving complex legal issues, Mr. Luljak provides timely and thorough guidance to his clients. Through his transparent and communicative nature, he works to resolve outstanding issues clients maintain and uncertain legal positions clients wish to take. Before joining Michael Best, Mr. Luljak worked with the mergers and acquisitions team at a multinational professional services firm, where he assisted clients on matters from an indirect tax perspective. He also gained valuable experience with a variety of real estate and tax issues as a clerk at two Chicago-based firms. Mr. Luljak received his B.A. degree from the University of Wisconsin-Madison, and his LLM and J.D. degrees from Loyola University of Chicago School of Law. Mr. Luljak is admitted to practice in Wisconsin and Illinois.
Speaker bio
Erica Crohn Minchella
is a graduate of Loyola University School of Law and has practiced law for more than 40 years. She concentrates her time, talents and passion on assisting clients to be well-informed about their real estate decisions, whether they are buying a home or an investment, as well as helping them get out of debt and to build a solid financial future. Ms. Minchella's field of expertise includes the spectrum of conventional and distressed real property issues for both residential and commercial properties, foreclosure defense, short sale transactions, sales out of decedent's estates and personal and land trusts, and counseling her clients in re-establishing their credit and becoming debt free and mortgage free. She also advises investors in need of exit strategies for real estate deals gone sour as well as those who see the current market as a great place to invest, as well as home buyers who are purchasing conventional and distressed real estate. Ms. Minchella has maintained her real estate license for over 30 years. She is admitted to practice in Illinois.
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