PAR 217 - Real Estate Legal Procedures
3 Credits, 3 Contact Hours
3 lecture periods 0 lab periods
Legal procedures and requirements in real estate transactions and litigation. Includes real estate principles and legal concepts, recording and constructive notice, and real property taxes. Also includes an analysis of real estate contracts and purchase agreements, escrows and closings, deeds, co-ownership, legal descriptions, leases, encumbrances, liens, and foreclosures.
Prerequisite(s): PAR 101
Information: Employment in a legal-related field or an Arizona Real Estate license may be substituted for PAR 101 . See a PAR Advisor or course instructor for prerequisite information.
Course Learning Outcomes
- Contrast the distinctions between real property, personal property and fixtures.
- Examine records of the County Recorder, County Assessor, and County Treasurer.
- Demonstrate the ability to review a title report and draft closing and settlement statements for seller and buyer.
- Analyze the forms of co-ownership used in Arizona, including creating and breaking a joint tenancy.
- Evaluate encumbrances on real property, including analysis of voluntary and involuntary liens.
- Analyze procedures and prepare documents for judicial and non-judicial foreclosures.
- Basic Real Estate Principles and Legal Concepts
- Sources of real estate law
- Real property law and governmental limitations
- Explain and contrast real property, personal property and fixtures
- Analysis of various types of ownership interests
- Recording and Constructive Notice
- Proper form of document preparation for recording
- Purposes of recording
- Procedures used by County Recorder’s Office including indexing of public records.
- Real Property Taxes
- Duties of County Assessor and County Treasurer
- Evaluation of public records of Assessor and Treasurer
- Real Estate Contracts and Purchase Agreements
- Necessity of contracts and their legal elements
- Preparation of contracts
- Analysis of various clauses used in contracts
- Escrows and Closings
- Analysis of title reports
- Requirements for a valid escrow
- Draft settlement statements
- Simulate a closing in classroom with review of all closing documents
- Requirements for a valid deed
- Evaluate various types of deeds and their purposes
- Affidavit of Value
- Joint tenancy with right of survivorship
- Tenancy in common
- Community property
- Strawman conveyance procedure
- Legal Descriptions
- Metes and bounds
- Government and rectangular survey
- Subdivision plat
- Preparation of diagrams
- Arizona landlord and tenant law
- Various types of leases
- Analysis of various clauses used in leases
- Encumbrances and Liens
- Covenants, conditions, and restrictions (CCRs), easements, judgments
- Voluntary and involuntary liens
- Promissory notes and security devices
- Pleadings and procedures used in judicial foreclosure
- Documents and procedures used in non-judicial foreclosure trustee’s sale
- Documents and procedures used in deed in lieu of foreclosure
Full Academic Year 2019/2020
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