4 Forum responses 250 words each see description

4 Forum responses 250 words each see description

Description

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Two forum responses 250 words each in bluebook format with footnotes topic real estate law:

Forum Response 1:

Each state deals with real estate closings differently. For example, there are what are referred to as table closings, escrow closings, dry funding, and wet funding. In my home state and the current state I reside in, California, we have what is commonly referred to as escrow fundings, or closings. This is also sometimes called a dry funding. This means that all of the loan documents and paperwork gets signed, but may not close or fund on that same exact day. The mortgage company, or lending institution, will have the original executed documents returned to them so that they can be reviewed and all of the other little things completed. Once this has happened and escrow gives the lender the “ok” to wire funds, then the closing actually happens. In wet funding, or table closing states, the document signing and the funding usually happen on the same day. Most of the table funding states I have worked with have been on the East Coast. It has been my experience that attorneys don’t play a huge role in real estate closings in California, unless the individual parties hire an attorney for their own purposes.

Additionally, in California there is an “Escrow Law”, which essentially states that escrow companies must be licensed and their articles of incorporation must say that the business’ role is to act as an escrow agent. [1] The escrow company must also have a fidelity bond and extend the coverage to all of the employees in order to protect the company against the potential for dishonesty or mistakes on transactions. The escrow company is required to submit financial statements for auditing and must have a certain amount of liquid assets at all times. This makes it so the company/escrow office can cover any losses if needed. This is especially the case for new escrow companies applying for a license. Individuals whose job it is to provide escrow services can also be independence escrow agents, which requires that they be licensed by the Department of Business Oversight and bonded.

In California, real estate attorneys are not often the ones doing closings or refinances. Most often, people look to real estate brokers and/or agents, as well as the lender and escrow agents, to walk them through the process of buying and selling real estate. When it comes to refinancing, people most often deal with mortgage companies and/or loan officers. I think it is only when there is a need outside of the “normal” process that an attorney would be called on, especially since this is an escrow closing state. Attorneys may really only need to be involved if something happens, such as a lawsuit or encroachment, etc. Having been in the industry since 2007, having various jobs within commercial lending and real estate closings, I do agree with the process and the laws surrounding the way closings occur in California. Much of the process is regulated by federal statues and laws, such as RESPA.

-Rebecca


[1] California Department of Business Oversight 10 C.C.R. § 1700, et seq

Forum Response 2:

The closing process in Oklahoma is pretty similar to the majority of other states. The process begins with the offer, and if there are any counter-offers, and after that is agreed upon it moves to a contract. Attorneys play various roles in the closing process in Oklahoma. However they do not need to be present at the closing itself, but can be. The general rule of thumb is that if there is an issue with the contract, or it is not understood by either party, then that party should seek advice from an attorney [1].

There are many reasons that one may want to have an attorney advise them on the real estate closing process, and not just at the closing itself. All states have something that is very similar to each other, some call it a title search, some a title examination, but in Oklahoma, it is called an abstract of title. An abstract of title, also known as an Attorney’s title opinion [2]. This can be obtained from a title company, or in Oklahoma, it may be called an abstract company. This is where a company does an examination of the title of a property and ensures that it is free of encumbrances, liens, or other defects.

While there is not a requirement for an attorney to be present at the closing, there are plenty of reasons that one may need to consult an attorney during or before the final closing. Just the fact that this question has been posed in the forum demonstrates the possible need for an attorney.

As has been discussed in class over the weeks, there can be a number of issues that arise from the title of a property, and knowing what those are can save someone a lot of hassle. There is not a requirement by law in Oklahoma for a title search to be completed. However, it is a general practice. If for example, that there happens to be a defect, lien, or encumbrance on a title, this would be a very good reason to consult an attorney. Another reason that an attorney would be good to consult is to make sure that the right type of deed is issued. If there is any question about the title or the deed issued, it should be brought up to an attorney. Again, it is not illicit in Oklahoma to sell property without a title examination, and someone may sell a piece of property and not issue a general warranty deed.

Oklahoma, as stated previously is very similar to other states when it comes to real estate closing. Most often attorneys will not be present. However, people do use brokers and real estate agents to facilitate the closing. If a lawyer happens to be present, then it will probably be a closing agent, who will work for a title company, or as previously stated, in Oklahoma, an Abstract company. This may also be a representative of the abstract company [3].

Andrew

[1] Oklahoma Real Estate Commission, State of Oklahoma Uniform Contract Information Pamphlet, Oklahoma City, OK (2006), https://www.ok.gov/OREC/documents/Info%20Pamphlet%…

[2] Id.

[3] Amitree, Amitree Home Buyer’s Guide, (2018), https://www.amitree.com/articles/155/oklahoma-home…

Two forum responses 250 words each with peer reviewed works cited topic international political economy

Forum Response 3:

The status of the current economic divide between developed and developing countries is evident when analyzing the GDP of these two extremes and tracing the history of their economic success (or failures) to determine their status in todays environment. From the offset, I do not believe a country was ever “pre-destined” to be poor or rich; rather, a country’s choices in economic efficiency and proper financing are the keys that lead them to their current condition. Essentially, the leadership of the country, as well as the infrastructural building blocks (i.e. human resources, the country’s stock in capable machinery, land and buildings) have historically proven to either make or break a country’s success. As J.D. Sachs states, “As the world has been stumbling through the intense period of globalisation since 1980, together with the advent of the digital age, inequalities in income have generally soared” (Sachs, 2012).

A good comparison on how structured and efficient economic planning positively impacts the economy of a country is by analyzing the Greek and British economy while still under the EU; although both were subject to the same economic policies governing all EU members, inaccurate GDP reporting on behalf of the Greek government caused disconnects large enough to form the Greek economic crisis in a country that was mostly financially stabilized in the 90’s and early 2000’s. The early British economy, on the other hand, established a monopoly set to protect its economy from the wear and tear of marketplace competition, granting it enough time to establish a balanced internal economy before joining the international theater of commerce. Another example to consider is North and South Korea; in 1953, these nations were divided and ruled under almost polar opposites. In North Korea’s dictatorial communist nation, free and open markets were repressed and property rights suppressed. However, in South Korea, innovation and productivity mirrored most westernized economic models. As we are aware, the outcome remains that South Korea is self-sufficient and relatively wealthy, while North Korea struggles with poverty.

Concerning labor, developing countries suffer from being unable to retain much of their educated and proficient work force to developed countries and established companies. Again, Sachs writes “Gaps in earnings between workers with higher education and those without have widened sharply. The wages of highly educated and well trained workers have grown substantially, whereas earnings of lower skilled workers with fewer years of education have tended to decrease” (Sachs, 2012). Not only does the drive in educated foster an even greater split between blue collar and white collar, it also advances the notion of that same divide on a massive national scale. Thus, it becomes difficult for the developing countries to advance as fast as its developed counter parts, aiding to the almost cyclical dilemma experienced by developing countries.

Source:

D Sachs, J.,rey. (2012). From millennium development goals to sustainable development goals. The Lancet, 379(9832), 2206-11. Retrieved from http://search.proquest.com.ezproxy2.apus.edu/docview/1023015910?accountid=8289

Forum Response 4:

For this week forum, I will use Central Africa Republic (CAR) as an example. The Central African Republic (CAR) has experience an extraordinary challenge. CAR is a former French colony who acquired their independence in 1960 (CIA.gov). Their main economy relies on forestry, mining, timber, diamonds, and cotton; however, because of landlocked geography, undeveloped infrastructure, and unskilled/uneducated workers, this region is one of the poorest countries in the world (with a per capita income of $750). To improve a nation Escosura said “Education has been the driving force behind the limited catching-up of developing regions in terms of long-term human development” (Escosura) but due to the reduction of public expenditures, massive corruption, and civil wars, education becomes unattainable. Below is the internal problems of CAR:

After the French left the region chaos and instability in the area was nonstop and unimaginable. For instance, in January 1966 the CAR President David Dacko was ousted by one of Africa’s most brutal dictators Colonel Jean Bokassa. Colonel Bokassa was label as one of the most corrupt leaders in Africa. His coronation cost his country’s entire GDP because the crown itself cost nearly $5 million. He lives like a king yet his extravagant lifestyle did not last because he was ousted in 1979 and died in 1996 at aged 75. Subsequently, another self-proclaimed president followed- Andre Kolingba. Andre Kolingba was a former Ambassador to Canada and Germany, as well as Chief of Staff of the Army and sworn in as a constitutional president of CAR in November 1986; unfortunately, his regime was full of controversy and corruption like his predecessor. For instance, a multi-party system was offered by Kolingba and wanted to form a national commission to amend the constitution. The Multi-party presidential election was held in 1992, but because of many irregularities it was discontinue. General Kolingba enjoyed his political influence but his power declined in 1993 when the country’s had their first democratic presidential elections with the interference from the former U.S. Ambassador to the CAR Daniel Simpson. Like Colonel Bokassa, General Kolingba’s administration failed to create employment and infrastructure. General Kolingba ruled the CAR for 12 years and died in 2010 in Paris, France. In October 1993, Ange Felix Patasse became the new president, but his office did not differ from the previous administrations. For instance, the rebellion was rampant due to unequal treatment of military officers from different ethnic groups; as a matter of fact, there were three revolutions against the government between 1996 and 1997. The self-seeking, power-hungry, and ambitious leaders caused chaos throughout their own country. Lesson Week 6 stated, “Political economy is therefore concerned with the relationship between politics and economics, with a special emphasis on the role of power in economic decision making” but this matter was not address because corruption became a way of life that impacted the economy (inflation and unaffordable prices), and unemployment. These leaders wanted to be the head of state; however, they forgot to make a rational decision that could potentially help their people. Rational decisions involves defining a problem, identifying all the possible solutions to the problem, recognizing the costs associated with each solution (policy/policies), calculating the likelihood of success of each policy, and choosing the policy that offers the highest likelihood of success at the lowest possible cost, sadly these were not the priority of any of the previous leaders (IRLS500).

Reference:

Lesson Week 6

IRLS 500

CIA.gov

Leandro Prados de la Escosura . 2014. Human Development as Positive Freedom: A World View Since 1870

JLR