Posted by HisHughness on 2/16/05 12:29pm
Msg #20806

Why only residential?

I may be overlooking something so obvious I'm going to be embarrassed, but I'm gonna ask anyway. In 2 1/2 years of doing refis, it occurred to me this morning that I have never handled one piece of commercial property. Plenty of rental single family residences, but no commercial property. Why is that? Lower interests rates have got to be available for those properties just like residential. What don't I know that would explain this?

Reply by PAW_Fl on 2/16/05 12:43pm
Msg #20815

I've done some commercial closings and wondered why I don't get more too. So I asked the investment company I've been working with and was told that due to the complexity of commercial property, zoning ordnance affidavits, property allocation disclosures, etc., that typically they prefer real estate attorneys that specialize in commercial properties to do the closings. Makes sense to me, considering the extra pages of nonsense in the packages. I understand that purchasing and refinancing buildings in Manhattan takes a team of lawyers to get through all the paperwork. Thankfully, the ones I have done were all Mom-Pop store sublets and stand-alone retail stores. I don't know what would be required if someone refinanced the mall itself. But I would imagine there would be a lot of tenant issues, disclosures and affidavits in the package somewhere along the line.

Reply by Teasa/NY on 2/16/05 1:16pm
Msg #20824

Where I am in New York as far as I know no one here would close a piece of commercial property with a notary. That is, they always close with an attorney; far too complex. I also don't think a refi of commercial property would be done without an attorney.

Reply by Sherri_IN on 2/16/05 1:28pm
Msg #20826

I did a few commercial closings when I was escrow manager for a Title company. I can not imagine doing them as a signing agent. You need to know the transaction from every angle.
The questions that usually came had to do with the title insurance and removing exceptions. Then the attorneys wanted to leave with a marked up commitment. These need to be handled by the Title or Escrow officer they have been dealing with.

Reply by Ted_MI on 2/16/05 2:31pm
Msg #20836

So Hugh, I suppose all the following posts beg the question: did you do much real estate work during your "legal" days?

Reply by HisHughness on 2/16/05 2:47pm
Msg #20843

My partner was a broker, and I shoved all the real estate matters his way. Just for a lark, years after I began practicing, I signed up to take the RE agent exam. Got the study book, then got unexpectedly placed on trial in a murder case 75 miles away. Had no time at all to study. The judge graciously recessed the trial early on the day of the exam and I beat it back to Atlanta. Passing score was 70; I made 68. I considered that a moral victory (one of the few moral things in a life otherwise replete with disrepute), and never tried again.

My defendant got 10 years, which, considering it was obviously premeditated and we were trying the case in rural Georgia, was a pretty good deal. I considered that sort of an immoral moral victory.

Reply by Alabama on 2/16/05 4:12pm
Msg #20866

Passing the real estate exam or passing the bar is just the beginning. I know people who have passed either one or the other and it means very little. What matters is the way someone pratices their profession. If they continue to get educated with the practices and procedures of either or what ever they do .....they will suceed. It's all about ethics and keeping everything in perspective. Someone once told me....when you think you know it all is when you stop learning. I found this is true. I guess what I am saying is there are some really bad real estate agents and attorneys out there but there are a few good ones too!
Passing a test is just that passing a test. It is what you do with it that counts! It makes you know smarter than anyone else. I guess I got that off my chest!

Reply by Dennis D Broadbooks on 2/16/05 4:39pm
Msg #20874

Should You Happen to Be of Female Persuasion...

...you should be forewarned that gettings things "off your chest" around Hugh can oftentimes lead to other "dicey" propositions.

Reply by Alabama on 2/16/05 6:09pm
Msg #20896

Re: Should You Happen to Be of Female Persuasion...

Thanks for the warning, I'm old enough to know if you have to talk about it or joke about it there is not much there. His humor is funny but his wisdom is what I find a little interesting.
I guess that was just asking for it. Once again, thanks for the warning.

Reply by Alabama on 2/16/05 6:11pm
Msg #20897

Re: And Another Thing....

I can hold my own in most cases but this forum is not the place to do it.

Reply by Ted_MI on 2/16/05 6:57pm
Msg #20913

Alabama,

I agree with what you say, but let me tell you that passing the bar exam is an incredibly grueling rite of passage, as I am sure Hugh can attest to. Even though I took it many years ago, those memories still remain.

There is an old saying that you know more law on the day of the bar exam then you will ever know again; in a sense it is all down hill after that. However, while I believe that is true, you really don't know how to do that much, until you really get down in the trenches so to speak and start practicing law.

Reply by Alabama on 2/16/05 7:20pm
Msg #20921

Re: I agree, but you got my point.

Reply by HisHughness on 2/16/05 10:21pm
Msg #20955

Ted_MI recalls:

***passing the bar exam is an incredibly grueling rite of passage, as I am sure Hugh can attest to.***

I don't remember much about the bar exam, except that I was one of the less than 50 percent who passed it the first time, a rather astonishing outcome considering that the examiner had a quite memorable chest, and that rumor had it she also owned a bass boat. My life seems to be a fabric woven of missed opportunities.

Reply by Ted_MI on 2/16/05 6:42pm
Msg #20906

Re: legal background

Hugh,

Hmmm, I must say I never thought that you might have done criminal defense work. But heh anyway, an "immoral moral victory" from my perspective is still in the plus column. And as you know your job (no my goodness your beholden duty) is to hold the collective feet of the prosecutors to the fire to make sure they prove their case beyond a reasonable doubt.