paralegal Scenarios Assessment Essay

paralegal Scenarios Assessment Essay

1. You are a paralegal involved in a real estate sale transaction. The seller of the
property is Susan T. Clarke. Title examination of the property reveals that there are
five judgements against Susan Clarke, S.T. Clarke, and Sue Clarke. You call the
seller, Susan T. Clarke and tell her about the judgements. She informs you on the
phone that she is not the Susan Clarke mentioned in the judgements. What do you
do to protect the purchaser in the closing?

2. You are a paralegal representing a purchaser of a home. You have been asked to
prepare the scale closing papers. What documents does the Internal Revenue
Service require you to prepare in connection with the sale? What information do
you need from the various parties to prepare this documentation?

3. You are a paralegal involved in a real estate sale transaction. The seller is a corporation.
You have asked the president of the corporation to bring a corporate resolution
authorizing the sale and execution on behalf of the corporation of the various real estate
closing documents. The president of the corporation delivers to you a corporate resolution
signed only by the president that authorizes only the president to sign all the documents. Is
there any documentation that you should request from the president to evidence his or her
authority to sign the loan closing documents? Explain your answer.

4.You are assisting in a real estate sale transaction. The title examination reports that
there is an outstanding loan to second bank and trust on the property. The loan is to be
satisfied at closing. You believe that the closing will take place in July 10 you obtained from
second bank and trust a satisfaction payoff letter indicating how much money is needed to
pay the loan as of July 10. The loan closing is delayed and does not take place until July 15.
Is there any additional information that you may need from second Bank and Trust for the
July 15 closing? Explain your answer.

5.You are preparing a title affidavit for a real estate closing. Exhibit A to the affidavit is a
legal description of the real property, and Exhibit B is a list of title exceptions to the real
property. Where would you get the information to complete Exhibits A and B?

6.You are a paralegal employed by a law firm that is representing a purchaser of a
condominium unit. You have been asked to assist an attorney in the closing of the
sale. What documentation in regard to the condominium would you request from
the seller? What issues would you want answered from the seller or from a review of
the condominium documentation?

7.Julie is the owner of a unit in a condominium that has both common areas and
limited common areas. The condominium association is responsible for repairing all
common areas; unit owners are responsible for repairing all limited common areas.
A deck that is attached only to Julie’s unit needs rep airs, as well as the sidewalk
that runs in front of Julie’s unit and other units on the street. Julie asks the
condominium association to repair her deck and the sidewalk. Will the association
repair her deck? Will the association repair the sidewalk? Explain your answers.

8.Ryan wants to purchase an apartment unit in what he believed is a condominium.
When talking with the sales agent, the agent explains that Ryan will have to
purchase stock in the corporation that owns the building and enter into a long-term
lease with the corporation for his apartment unit. Is Ryan buying a condominium
unit? If not, in what kind of project is Ryan buying a unit? Explain your answers.

9.Courtney is the owner of a condominium unit. The condominium has as part of its
common area a large swimming pool, two tennis courts, and health club. The
facilities can be used by the condominium owners. The cost of maintenance of the
facilities is paid by a common area assessment charged to each owner. Because of
Courtney’s work schedule, she does not use any of the facilities. Courtney thinks it is
unfair for her to be assessed the cost and is thinking about refusing to pay the
assessment. Can Courtney legally refuse to pay any common area assessment
because she does not use the facilities? Explain your answer.

10.Ajax Stores, as a tenant, is negotiating a lease with Farris Realty Company. Ajax
intends for the leased premises to be its main store location and is negotiating a 20-
year lease. In addition, Ajax is anticipating that it will spend approximately
$250,000 on trade fixtures and other improvements to the leased premises. Ajax
conducts a title examination of the leased premises and discovers that Farris Realty
Company has encumbered the leased premises with a mortgage to First Bank and
Trust to secure a debt of $1.5 million. As a paralegal working for a law firm that
represents Ajax, you have been made aware of the mortgage to First Bank and
Trust. Should Ajax be concerned about the mortgage to First Bank and Trust? If so,
what safeguards can you think of to protect Ajax?

Create an order via https://peakassignments.com/order if you need work on paralegal Scenarios Assessment Essay and many more from different disciplines.

paralegal Scenarios Assessment Essay

"Order a similar paper and get 100% plagiarism free, professional written paper now!"

Order Now