Courses 2009 - 2010
LAW A 523 Real Estate Transactions
Credits: 3-4, Max 4
Methods by which an obligation may be secured by real property of the obligor or of a third person. Covers the common-law principles and statutes that regulate the creation, operation, and extinguishment of the legal relations known as the real property mortgage and deed of trust, considered in the context of financing the purchase or development of land. Some attention may be given to principles governing operation of the lending industry.
This course will explore the structures and documentation of three types of real estate transactions that permeate the current commercial real estate market: purchase and sale transactions, financings secured by real estate, and leases. The first half of the course will be devoted to purchase and sale transactions, including the agreement itself, typical due diligence problems, closings and remedies. Our time during the second half of the course will be split between simple financings and leases. Complex financings are beyond the scope of this course. Students should develop an understanding of the basic structures and documentation of these transactions and the fundamental legal issues that underlie those structures. Students should also develop an understanding of the roles of the brokerage, title, engineering, environmental consulting, legal, insurance and lending industries in modern transactions. Finally, through review of the text, examples of typical document provisions and class discussion, students should become familiar with the business and legal issues that typically must be addressed in order to bring a transaction to a successful conclusion.