Continuing Legal Education

Ethics of the Residential Real Estate Transaction for Buyer / Seller Attorneys

How do Improvement, Access, and Quality of legal services relate to the legal needs of homebuyers and sellers? Can attorneys meet the real estate transaction’s “need for speed” while managing malpractice concerns? If significant barriers to entry to this demanding market are removed, what is the upside for practitioners?

You’ll find answers to these, and other, provocative ethical questions explored in this groundbreaking course.

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Course Description

Credits: One (1) Credit Hour
Instructor: Arthur Macomber, Attorney
Materials: Sixteen (16) pages supplemental materials
Idaho Course Number*: 26-1149
Investment: $79

Introduction 

  • Speaker Introduction
  • Legal problems encountered after close of escrow
  • The need for legal services during the residential real estate transaction

The Residential Real Estate Legal Market

  • Approximately fove million transactions per year
  • State laws differ regarding attorney involvement
  • Outcomes from attorney involvement versus non-involvement

Is There an Ethical Problem with Residential Transactional Practice?

  • Discussion of ABA Model Rules of Professional Conduct regarding access to, and quality of, legal services now available in the marketplace

Barriers to Entry for Attorneys into Residential Transactions

  • Conflict of interest
  • Client intake interview
  • Fee agreements
  • Content and timeliness of legal deliverable
  • Malpractice risk

Common Legal Issues for Homebuyers and Sellers in Residential Real Estate Transactions include queries regarding:

  • Detailed and integrated contract terms
  • Tight calendars for performance
  • Disclosure requirements differing from state-to-state
  • Schedule II-B County Recorder/Auditor/Registry documents
  • Property characteristics, local/tribal laws, and state and federal regulations affecting use and enjoyment

Conclusion

  • Ethical problems of improvement, access, and quality of legal services during the real estate transaction is a persistent reality for homebuyers and sellers
  • A market-clearing mechanism providing arms-length referrals to qualified attorneys delivering timely and targeted legal services would resolve the ethical issues of improvement, access, and quality that persist today, as well as provide a new source of legal revenue to the legal industry.

*If interested in CLE credit for a state other than Idaho, contact support@RealLegalAdvice.com for help determining eligibility. 

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Note that your registration will be honored for thirty days. If the course is not taken within thirty days, you will need to pay again.