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3 pages/β‰ˆ825 words
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MLA
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Law
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English (U.S.)
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Topic:

Legal Principles Critical to Real Estate

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According to the file (may be use internet) answer following question. no need to have essay form or introduction and conclusions.
1: Once again this concept applies in representations and warranties in a Sale Agreement. Please describe what you believe to be the significance of the following to you as a proposed purchaser and (for extra credit) if you do not think these are sufficient what would you propose?
A:Seller represents the rent roll is as attached to this agreement
B:To the best of Seller’s knowledge the rent roll the managing agent prepared is attached to this agreement
C:To the best of Seller’s knowledge the rent roll accurately reflects the current leases at the building that are in full force and effect
D:(for extra credit what do you propose to improve these, if you have ideas)
2: You have learned about a Non-Recourse Carve Out Guaranty. If you are one of three signers with joint and several liability what might you want to do to protect yourself?
3:If you pay out the entire amount due on the Non-Recourse Carve Out Guaranty, what is the right you are legally entitled to exercise against the other two Guarantors?
4:You are going to purchase a home which you want to expand and notice on the side a driveway shared with a house behind the proposed purchase property. What issue or issues does this raise in your mind and what do you do about that?
5:You are going to purchase a property and want to be sure if the deal fails that you can walk away and your investors are protected, but maximum flexibility to design your deal and retain control.  What legal form of entity do you think your attorney would choose to be the purchaser and why?
6: As you intend to raise funds from many people to acquire a property in New York, what laws do you think your attorney should have expertise in? 
7:You have made a deal to take control of a property, and there are two ways you can do this: by deed or purchase of the ownership interests in the property owner. What do you choose and why?
8:What is the significance of the phrase “Time is of the Essence” if you are the buyer and it is in your purchase agreement?
9: How do you prevent most, if not all,  of the legal consequences of the representations and warranties you rely on ending when you purchase a property and get the deed?
10: What is the reason generally given for financings (loans) to be only made to a Special Purpose Entity (SPE) and describe the significance for the operations of the borrower?
11: You have owned a property for 7 years and you learn there was a problem while trying to sell: the seller to you gave a worthless deed because he committed fraud.  You are lucky because you had been advised by your attorney to buy title insurance at the acquisition.  You now have a deal to sell the property for twice what you paid, but the buyer won’t close as there is a fundamental title defect.  You call the title company and make a claim for the lost deal.  What happens and what can you get from the title company as compensation?  What rights does the title company have against the fraudulent seller.
12: Describe why it is critical to have a brokerage agreement before agreeing to any terms of a proposed sale or lease of property?
13: if the property is being sold to you “as is”, what is important for you to do and when? 

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Your Name
Subject and Section
Professor’s Name
October 24, 2022
Real Estate Law
1 Once again, this concept applies to representations and warranties in a Sale Agreement. Please describe what you believe to be the significance of the following to you as a proposed purchaser, and (for extra credit) if you do not think these are sufficient, what would you propose?
1 The Seller represents the rent roll as attached to this agreement.
1 Rent rolls do not act as any representation or warranty, except the fact that they should be accurate.
2 To the best of the Seller's knowledge, the rent roll the managing agent prepared is attached to this agreement.
2 Provided that this is accurate, this is considered as a warranty or representation as an exception above.
3 To the best of the Seller's knowledge, the rent roll accurately reflects the current leases at the building that are in full force and effect.
3 This is a representation or warranty that is required.
4 (for extra credit, what do you propose to improve these, if you have ideas)
4 I believe the rent roll should be updated regularly to improve this.
2 You have learned about a Non-Recourse Carve Out Guaranty. If you are one of three signers with joint and several liabilities, what might you want to do to protect yourself?
5 In order to protect myself, I would ask if it's possible to add the stipulation that any act of one of the borrowers that would trigger the non-recourse carve-out guaranty should cause the indemnification of the other borrowers who paid by virtue of the guaranty agreement.
3 If you pay out the entire amount due on the Non-Recourse Carve Out Guaranty, what is the right you are legally entitled to exercise against the other two Guarantors?
6 The guarantor's right is to demand reimbursement from other guarantors if he pays out the entire amount due on the Non-Recourse Carve-Out Guaranty for the respective amount that is due to them.
4 You are going to purchase a home that you want to expand and notice on the side a driveway shared with a house behind the proposed purchase property. What issue or issues does this raise in your mind, and what do you do about that?
7 This shared driveway limits your full ownership of the property, especially since this might be a driveway easement, which prevents you from utilizing this portion for anything else. Since this might not be removable, I would negotiate with the agent or owner of the property to be purchased if the price could be discounted, given that there is a driveway easement.
5 You are going to purchase a property and want to be sure if the deal fails that, you can walk away, and your investors are protected, but maximum flexibility to design your deal and retain control. What legal form of entity do you think your attorney would choose to be the purchaser and why?
8 The legal form that should be used is a Limited Liability Company or an LLC. This legal entity protects the investors by separating their personal assets from the business assets of the company w...
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