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Law Offices of Barry Sooalo ------------------------- Attorney at Law

Real Property
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Real Property

Acquisition Responsibilities

Purchase Agreement

* Prepare initial draft of purchase agreement from attorney notes or interview.

* Coordinate with other parties (buyer, seller, title company, opposing counsel, lender).

* Take comments about purchase agreement and revise as necessary.

* Arrange for execution of purchase agreement.

* Review purchase agreement for critical dates and contingencies and calendar same.

* Prepare closing checklist.

* Draft deed.

Due Diligence Responsibilities

Matters of Title

* Conduct or arrange for title search and request abstract of title. Order title commitment and/or preliminary title report.

* Negotiate title insurance coverage.

* Review legal description of the property and track against map, if available.

* Review exceptions (standard exceptions regarding survey, taxes and assessments, etc.) and cumbrances of record.

* Arrange for discharge/satisfaction of deed trust/mortgage (existing mortgages of record on the property) and obtain payoff figures.

* Draft and review any permits and easements. If necessary, plot against legal description.

* Review and determine validity of mineral claims through search of Bureau of Land Management records.

* Draft escrow instructions.

* Arrange for issuance of title policy.

Existent Contracts/Lease Declarations

* Review contracts and leases for assignment, due on sale and due on encumbrance provisions; prepare abstracts regarding same.

* Draft requisite assignment, amendment or extension documentation.

* Review condominium declaration/resale certificate for due on sale provisions/rights of first refusal.

Purchaser/Seller Representations

* If necessary, obtain corporate organizational documents, including authorization of the applicable parties to purchase and/or sell, for all parties.

* Review corporate documents for prohibitions against borrowings, power of decision making bodies, and so forth.

* If necessary, obtain certificates of good standing/certificates of existence.

* Conduct public records search of the parties, including judgments, tax liens, and UCC filings.

Environmental

* If necessary, order environmental assessment.

* Review environmental assessment and prepare releases.

Insurance

* If residential, provide purchasers with information about homeowner's insurance.

* Coordinate with lender and purchaser to ascertain lender insurance requirements.

* Obtain and review required evidence of insurance from purchase or insurance agent.

Closing Matters

Prorations

* Prorate real and personal property taxes and utilities, and adjust for closing figures.

* Obtain closing figures from bank and prorate all closing costs.

* Exchange all figures with other parties.

* Review figures with client.

Purchase Money Loan

Loan Documentation

* Perform financial calculations (amortization, net present value, discounting, annual percentage rate).

* Draft loan agreement, promissory note, deed of trust/mortgage, security agreement, assignment of leases and rents, guaranties, and Truth-In-Lending disclosure statements.

* Obtain and/or draft necessary corporate, partnership, or limited liability company documentation and resolutions in connection with loan transaction. (See Business/Corporate Section, supra, for more detailed information.)

* As necessary, draft any leases and/or assignments, extensions or modifications to lease.

* If necessary, draft Uniform Commercial Code (UCC) financing statements, amendments, extensions, and/or terminations.

Closing

* Finalize closing checklist.

* Organize closing folders.

* Attend closing and assist attorney in activities regarding execution of closing documents.

* Educate signatories with respect to the documents being executed.

* If appropriate, notarize documents upon execution.

* Coordinate recording of real estate documents and filing of UCC financing statements.

Post-Closing

* Obtain documents to be executed post-closing.

* Coordinate with all parties concerning post-closing questions and, if necessary, provide documents.

* Follow-up on recorded/filed documents.

* Prepare closing binders.

Tax-Related Matters

* Obtain solicitation form from seller, if applicable, and prepare and file Form 1099.

* Record capital gains/loss on client's income tax return.

* Draft appropriate capital gains tax affidavit.

* Assemble tax bills and payments.

* Obtain and analyze property information and current valuation.

* Draft complaint on real property assessment.

* Draft discovery requests and responses to discovery requests in conjunction with real property assessment.

* Coordinate formal property appraisal and report.

* If appropriate, prepare notice of appeal on valuation of property.

Leases

* Obtain terms of lease from attorney notes or interview.

* Prepare initial draft of lease.

* If necessary, negotiate and revise lease.

* Conduct due diligence to the extent necessary.

* Arrange for any existent contract modifications.

* If necessary, draft subleases.

* If necessary, prepare memorandum of lease.

* Facilitate execution of lease and memorandum of lease.

* If necessary, record memorandum of lease.

* Review or draft estoppel certificates and/or subordinates, non-disturbance and attachment agreements.

Foreclosure

* Prepare notice of intent to accelerate.

* If necessary, appoint substitute trustee.

* Draft foreclosure notice.

* Facilitate posting of foreclosure notice.

* Attend foreclosure sale.

* Prepare judicial foreclosure documentation.

* As necessary and appropriate, negotiate with owner/lender.

* See Foreclosure Section, supra, for more detailed information.

Miscellaneous

* Prepare subdivision, condominium, and timeshare registrations for in-state and out-of-state registrations.

* Prepare registrations of recreational subdivisions for federal registrations.

* Assist with probate and trust transfers and property investigations.

* Draft notice of mechanic's lien; determine validity of existing mechanic's liens; prepare releases or waivers of rights and assist with foreclosing mechanic's liens. (See Construction Section, supra, for more detailed information.)

Note - Some of the information contained in the Business/Corporate, Construction, Environmental, Domestic Relations/Family Law, Foreclosure and Landlord/Tenant, Probate/Estate Planning sections of this publication also includes work performed in the Real Estate specialty area.

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Providing legal services in civil and criminal matters in Honolulu and throughout the Pacific.