CLE Training: 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? How can attorneys meet a buyers’ or sellers’ “need for speed” while managing malpractice concerns?
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What’s Included?
Credits: One (1) Credit Hour
Instructor: Arthur Macomber, TC Certified Attorney Licensed in Idaho and Montana
Materials: Sixteen (16) pages of supplemental materials
MCLE Course Number: 26-1149
Investment: $49.99
Instructor: Arthur Macomber, TC Certified Attorney Licensed in Idaho and Montana
Materials: Sixteen (16) pages of supplemental materials
MCLE Course Number: 26-1149
Investment: $49.99
Introduction (2 minutes)
- Speaker Introduction
- The problems residential real estate attorneys encounter after close of escrow
- The need for legal services during the residential real estate transaction
The Residential Real Estate Legal Market (3 minutes)
- 5M transactions per year, give or take 1.5M, with two potential clients per transaction
- State laws differ regarding attorney involvement
- Outcomes from attorney involvement versus non-involvement
Is There an Ethical Problem with Residential Transactional Practice? (2 minutes)
- 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 (20 minutes)
- 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 (25 minutes)
- Queries related to detailed and integrated contract terms
- Queries related to tight calendars for performance
- Queries related to disclosure requirements differing from state-to-state
- Queries related to Schedule II-B County Recorder/Auditor/Registry documents
- Queries related to property characteristics, local/tribal laws, and state and federal regulations affecting use
Conclusion (5 min)
- Ethical problems of access to, and quality of, legal services during the real estate transaction is a persistent reality for homebuyers and sellers
- Proposed market-based resolution: A market-clearing mechanism providing arms-length referrals to qualified attorneys delivering timely and targeted legal services would resolve the ethical issues of access and quality that persist in many states today, as well as provide a new source of legal revenue in those states.
