HUD-1 Settlement Sheet

1. Describe the contents of the HUD-1 Settlement Sheet which summarizes the real estate purchase transaction.

2. List and describe the non-freehold estates.

3. Fred has just finished examining a title search abstract and is preparing the title report. Describe what he should include in the report. Assume his jurisdiction issues title insurance.

4. Peter, Paul, and Mary own Blackacre as joint tenants with the right of survivorship. Peter is married, but has no children. Paul is single and Mary is divorced with three living children. Mary dies in a car accident. Explain the rights of Peter, Paul, and Mary’s three children, including the disposition of Mary’s interest in Blackacre.

5. Harry and Mary just purchased a new home. They paid $360,000.00 for it. The county sent an appraiser to assess the value of Harry and Mary’s home. The appraiser assessed the value of Harry and Mary’s house at two-thirds of the purchase price. The tax rate is 3.45%. What will be the annual property tax on Harry and Mary’s home?

6. Basil and Manuel are having lunch one day. Manuel knows Basil is studying to be a paralegal and asks him how his studies are coming along. Basil explains that right now he is taking a course in real estate law and he is studying contracts. Manuel replies that he has always been interested in how a contract works but does not know much about what elements are necessary in order to create a valid contract. If you were Basil, how would you fully explain the elements of a valid contract?

7. Bev is having dinner with her friend Carter. Carter asks Bev how her paralegal studies are coming along. Bev tells Carter that she is taking a class in real estate law and currently studying what she referred to as the property owner’s “bundle of rights” which defines real estate ownership. Carter asks Bev to explain this bundle of rights. What should Bev say?

8. Cynfartha is a single parent of three children. She has applied for a loan through Sunset Mortgage Co. Sunset denies her application partly on the basis that Cynfartha receives food stamps each month. What, if any, legal protections are available to Cynfartha. Explain your answer.

9. Compare and contrast easements in gross and easements appurtenant. Describe completely.

10. Fred and Wilma purchased a six acre parcel of land in order to build a restaurant. An error in the property description omitted a strip of land needed to access a public highway. This is discovered after the closing. Explain the immediate consequence to Fred and Wilma.

 

 

 

 

 

 

 

 

 

 

Sample Solution

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