Real Estate Law

Graded Project Real Estate Law Your project must be submitted as a Word document (.docx, .doc)*. Your project will be individually graded by your instructor and therefore may take up to five to seven days to grade. Be sure that each of your files contains the following information: Your name Your student ID number The exam number Your email address To submit your graded project, follow these steps: Log in to your student portal. Click on Take Exam next to the lesson youre working on. Find the exam number for your project at the top of the Project Upload page. Follow the instructions provided to complete your exam. Be sure to keep a backup copy of any files you submit to the school! Helpful Hints When you draft legal documents, there are some tips to keep in mind. While legal language is often complicated, it should never be unnecessarily complicated. You shouldnt add additional words, or use longer words, simply because the result sounds more legalistic. Each word should be chosen because its the clearest and best way to say what the document needs to express. A longer legal document isnt necessarily better than a shorter document. Sometimes the opposite is the case. Placing additional provisions into a legal document to address nonexistent issues doesnt make your document better. It can create ambiguity and problems of interpretation. When you draft a legal document, its helpful to use numbered paragraphs, and sometimes numbered or lettered subparagraphs. This helps organize the document and provides a visual framework for the reader. Generally, one paragraph should deal with one issue. When you move on to another issue, you should start a new paragraph. Numbered paragraphs also provide a way to reference a specific part of the document, such as when one paragraph has to reference an earlier or later paragraph in the document. You can call the paragraphs Articles or provide titles for each paragraph, but this is optional. Numbering your paragraphs also provides a visual framework for the person reading the document. When youre drafting legal documents, its acceptableeven praiseworthyto copy from other documents. The goal when drafting a legal document isnt freshness and originality. The goal is to draft a document that will accomplish the purpose for which its designed, while avoiding unintended consequences as much as possible. One of the best ways to do this is to use language that has been tried and tested before. So, if you know that particular language has been approved in the past, and the language matches what youre trying to accomplish in the document youre creating, you should strongly consider using the same language yourself. However, when you copy existing legal language, be careful: no two situations are exactly the same. Youll almost always have to make some changes to the preexisting language in order to adapt it to what youre trying to do. You must take care never to copy language that you dont understand. If youre not sure what the legal effect of a phrase or sentence is, dont copy it just because it appears in a document thats similar to what youre trying to create. Remember that copying is acceptable only for documents that have legal effect, like wills, trust documents, and contracts. Copying when youre writing an essay or a memorandum is plagiarism and will cause very serious problems. Your textbook contains several sample deeds and contracts. In addition, quotations from various types of legal documents appear throughout your text. You may find language that you can use in this project within your textbook. Proofreading and Editing Once youre sure the content of your document is what it should be, you should proofread the document for spelling, grammar, and other mistakes. Some law firms have a policy that no document may leave the firm until at least two people have reviewed it. Even an excellent writer will occasionally make mistakes. If you can, have someone else look over your work. At a minimum, you should put your work aside for a day or more and then look at it again. Youll be surprised what problems you notice on a cold reading. Always proofread and edit from a paper copy. Never try to proofread or edit solely from the computer screen. Part 1 In the deed, located below Part 3 grading rubric, identify the following clauses by line number (that is, cite the line number where the clause begins and where the clause ends). The consideration clause The granting clause The legal description The warranty clause Review the warranty clause carefully. Identify the kind of warranty this language provides. Draft a new warranty clause that, if put in place of the warranty clause presently in the deed, would turn the deed into a limited warranty deed. Part 2 Draft a property sale agreement based upon the facts provided. A. The buyer is Bob Buyer, 10 Main Street, Centerville, West Dakota. B. The seller is Sally Seller, 100 Oak Street, Farmerville, West Dakota. C. The property is a two-family home at 100 Oak Street, Farmerville, West Dakota. D. The property is at lot number 10, block number 10. E. Purchase Price: $400,000 F. Initial deposit: $40,000 G. The closing will take place at 150 Commerce Avenue, Centerville, West Dakota, on June 15 of this year. H. The transaction is contingent on the buyer being able to obtain a mortgage in the amount of $200,000, at an interest rate less than or equal to 6% by June 1 of this year. J. The transaction is contingent on the buyer being able to sell the buyers present home at 25 Elm Street, Potterville, East Dakota, by June 1 of this year. k. All fixtures are included with the property. L. The seller warrants that the property is zoned for a two-family home. M. The seller is responsible for the condition of the property until closing. N. The seller will provide a limited warranty deed. O. The seller will pay all liens before closing. P. The seller wants to include a standard clause stating that ownership is transferred subject to any easements in favor of utility companies. Q. The buyer has already inspected the property and will accept the property as is. R. The seller will pay Benny Brokers broker fee of 3% of the purchase price. S. The buyer and seller will apportion periodic expenses such as property taxes pro rata based on the time of transfer of possession. T. If the contract is cancelled without breach by the buyer, the buyers deposit will be returned. If the contract is cancelled because the seller is unable to provide a deed with the proper warranties, then the seller will also pay the buyers costs. U. The property is a two-family home. It is understood that Tommy Tenant will continue in possession of the rental apartment on the third floor of the property pursuant to his lease, which was executed on June 15 of last year and which expires on June 15 of next year. Tommy pays $700 per month in rent. Part 3 The transaction between the buyer and the seller that was described in Part 2 has been completed. Unfortunately, Tommy Tenant didnt pay his rent on September 15, when it was due, and has not paid rent since. Its now December 15, and Bob Buyer wants to terminate Tommys occupancy. Draft a notice of lease termination. Writing Guidelines Type your submission, double-spaced, in a standard print font, size 12. Use a standard document format with 1-inch margins. (Do not use any fancy or cursive fonts.) Save each part of your project as a separate document in Word or another word-processing program. Name the files Part 1, Part 2, and Part 3. Include the following information at the top of each: Name and complete mailing address Student number Course title and number (Real Estate Law, PLS 215) Research project number (40174600) Proofread your work carefully. Check for correct spelling, grammar, punctuation, and capitalization. Grading Criteria Your work will be graded on the following criteria: Part 1 Correct identification of the clauses 10 points Correct limited warranty clause 10 points Part 2 Compliance with formal requirements (your document meets the formal requirements of a valid and enforceable sale agreement) 15 points Completeness (your document addresses all issues and items necessary to create a binding contract matching the transaction described in the fact pattern) 15 points Legal effectiveness (for each issue or item required, you have drafted correct and effective legal language) 15 points Grammar and spelling 5 points Part 3 Compliance with formal requirements (your document meets the formal requirements of a valid and enforceable notice of lease termination) 15 points Legal effectiveness (your document effectively accomplishes the lease termination) 10 points Grammar and spelling 5 points 1 DEED 2 3 This indenture, made the ___ day of ________, in the year of our Lord 20___, between 4 __________________ (hereinafter called the grantor), of the first part, and _________________ 5 (hereinafter called the grantee), of the second part. 6 7 Witnesseth that the said party of the first part, for and in consideration of the sum of 8 ______________________, lawful money of the United States of America, well and truly paid by the 9 said party of the second part to the said party of the first part, at and before the unsealing 10 and delivery of these presents, the receipt of which is hereby acknowledged, hath granted, 11 bargained, sold, aligned, enfoeffed, released, conveyed, and confirmed, and by these 12 presents doth grant, bargain, sell, alien, release, convey, and confirm unto said party of the 13 second part, and to his/her heirs, successors, and assigns, to have and to hold forever, ALL 14 that certain lot or piece of ground situated in ____________, in the County of ______________ and 15 the State of _____________, being Lot No. _____________, in the _______________, as recorded in the 16 Recorders office of __________________ County, ____________, in Plan Book Volume ________, pages 17 ___, ___ and ____, being designated as Block and Lot No. ______________, known and numbered as 18 ________________, ________________________, _________________________. 19 20 The Grantor covenants with the grantee, the grantee’s heirs, assigns, and successors, 21 that, at the time of the delivery of that deed the grantor was lawfully seized in fee simple of 22 the granted premises, that the granted premises were free from all encumbrances, that the 23 grantor had good right to sell and convey the same to the grantee and the grantee’s heirs, 24 assigns, and successors, and that the grantor does warrant and will defend the same to the 25 grantee and the grantee’s heirs, assigns, and successors, forever, against the lawful claims 26 and demands of all persons. 27 28 In witness whereof, the said party of the first part has hereunto set their hands and 29 seals on the day, month, and year first written above. 30 31 Signed, sealed, and delivered in the presence of: 32 33 ______________________________________ 34 35 State of ____________________________ ) 36 ) 37 County of ___________________________ ) 38 39 On this ______ day of ____________, ________, before me, the Subscriber, a Notary Public 40 for the State of _____________________, residing in _______________________ and 41 _____________________________, came the above-named ________________________________, who 42 acknowledged the foregoing to be his/her act and deed, and desired the same to be 43 recorded as such. 44 45 __________________________________ 46 NOTARY PUBLIC 47 48 (Seal) 49 My commission expires on ________________ MY ID: 2411072TJ2 Studen name: Masane Fofana