Study of property ownership, closings, property management, property financing, and instruments pertaining thereto including development of consumer rights and usury statute analysis. Students trained to assist in investigation, preparation and a maintenance of records necessary to perform the above services in a corporate law department or law office. Prerequisites: BL40 and BL41 or approval of instructor A-G/3 credit hrs.
III. GOALS OF THE COURSE:
The law faculty will assist business and non-business majors to achieve the desired learning outcomes listed below. In addition, the faculty will provide an opportunity for all students to develop, improve, expand and practice their written and oral communication, problem solving, collaborative, hypothetical application, research and decision-making skills.
To that end, instruction will be directed at introducing students to:
A. Drafting the correspondence, contract, documents, deed, closing
statement and attend closing on behalf of seller of residential real
estate.
B. Drafting correspondence, review contract, prepare all documents, attend closing, prepare for closing and the closing statement on behalf of purchaser of residential real estate.
C. Drafting the mortgage note and mortgage, with closing documents on
behalf of lender in residential sale.
IV. STUDENT LEARNING OUTCOMES:
Upon successful completion of BL75 (Law of Property) students will:
A. possess a basis understanding of the underlying rights and duties of the parties to a real estate transaction.
B. identify the types of lending agreements that exist.
C. appreciate the importance of marketable title.
D. prioritize the tasks necessary to the successful conveyance.
E. recognize various types of deeds
V. SPECIAL INSTRUCTIONS/INFORMATION FOR THE TEACHER:
A. Prerequisite to this course: BL40 and BL41 or approval of instructor.
B. Programs that require this course
A. A. S. Degree: Paralegal Studies
Certificate Program: Paralegal Studies
C. Courses which require this as a prerequisite or corequisite: None
D. External Jurisdiction: This course has been structured to meet the
requirements of the American Bar Association for courses in Paralegal Studies.
VI. MAJOR TOPICS REQUIRED (37 ½ Hours)
A. UNIT ONE (9 HOURS approx.)
The Nature of Property
Condos and Co-ops
Limitations Upon Ownership
Rights in the Land of Others
B. UNIT TWO (9 HOURS approx.)
The Real Estate Contract
Statute of Frauds
Drafting the Contract
Survey and Legal Description
C. UNIT THREE: (7 HOURS approx.)
Recording Statutes
Title Insurance
Deeds
D. UNIT FOUR: (9 HOURS approx.)
Financing the Real Estate Purchase
The Real Estate Closing
Landlord/Tenant
E. STUDENT LEARNING ASSESSMENT (3.5 HOURS)
VII. SUPPORTING INFORMATION:
Due to the nature of the course, emphasis will be placed on the interrelationships between the nature of ownership of realty, the marketplace
and financial institutions
VIII. EVALUATION OF STUDENT PERFORMANCE (4 HOURS)
A. It is strongly suggested that there be at least two (2) full period
examinations (or the equivalent in distance education sections) and a
portfolio. The examinations could include short answers, completion
and essay questions. The portfolio could include drafting a power of
attorney, contract of sale, and deed. Assessment will include
discussion of cases and parallel applications.
B. The Business Administration and Accounting Department endorses the
college’s “Writing to Learn” initiative and strongly recommends that a
writing component be included in all business and accounting courses.
