Do the two assignments
Instructions
Assignment 1 Please discuss the legal issues and consequences of one or more of the parties not attending a scheduled real estate closing. Assignment 2 Please answer and submit Practical Question 1 at the end of Chapter 14 on page 519. (The file is attached)
Answer
Assignment 1Real estate closings bring together buyers, lenders, sellers, and brokers round a table. The group of people who take part in real estate closing is referred to as title attorneys and must sign specific documents. Sometimes, however, job commitments, vacations, pregnancy dates, and illnesses, among other factors, may prevent one or more parties from attending a scheduled real estate closing. The extreme impact of such an occurrence would be termination of the transaction and sale of the property. Nonetheless, several legal options can be utilized to allow continuity of the transaction as scheduled. The party that misses the real estate closing can assign a power of attorney (POA) to another person. For instance, the participant may assign a POA to a spouse, which allows the spo...
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