Event Description

Title: 10 Things that Can Go Wrong on the Way to a Closing, and How to Fix Them 

Speaker:

Scott Lucas is a Shareholder at LeVander, Gillen & Miller, P.A. with a primary focus in real estate law 

Overview: 

This presentation will use case studies to discuss problems that can arise in the sale of real property, and suggest solutions.

The case studies include the following:

1. Title examination reveals a lien, or other outstanding interest, against the property.

2. An environmental problem is found during environmental assessment (Phase I / Phase II).

3. The survey reveals a “gap” between legal descriptions and the owner of the gap parcel is deceased.

4. There is a casualty loss, or condemnation, while closing is pending.

5. The property contains a “farm dump” that will require cleanup, but seller believes the bid for cleanup is too high, and is unwilling to pay it.

6. A key tenant moves out of the retail center that is being sold shortly before the closing

7. The parties learn of a very old utility easement running through the property that affects the area where new improvements are to be built.

8. The parties learn that a pipeline – for which there is no recorded easement -- runs under the property.

9. The buyer discovers that a neighbor has been using a significant portion of a commercial property as a residential yard for many years, and has a claim for adverse possession.   

10. The property is owned by multiple owners who disagree on whether they want to sell.

Continuing Education Credit has been applied for and 1 hour of continuing education is pending approval from the Minnesota Department of Commerce.