Crow Outlines Factors in Commercial Real Estate Closings

Daniel Crow, '93, a Topeka attorney who also holds a real estate broker license, gave an hour of his time to educate current law students about commercial real estate transactions in his "Understanding Commercial Property Transactions from a HUD 1 Closing Statement Perspective" Transactional Lunch on October 26, 2015. During the lunch hour, students carefully reviewed the items of a commercial real estate settlement statement (HUD-1) as a roadmap to the costs and disbursements from a real estate transaction. The students became familiar with the layout and content of the standard HUD-1 form and also took a look at the new "Know Before You Owe" forms that as of October 2015 are required for residential real estate financings (per Consumer Financial Protection Bureau mandates). By making sense of the settlement statements, students were able to trace where the money goes in a real estate financing so that they can review and confirm the content of this critical component of a mortgage closing. In addition to getting to know the settlement statement formats, students learned about the consumer 3-day rescission period and to what extent last minute changes to settlement statements are permitted. The lunch was sponsored by the Business and Transactional Law Center.

Crow is a partner at Alderson, Alderson, Weiler, Conklin, Burghart & Crow, L.L.C. in Topeka, but his experience with real estate goes back before he even went to law school when he worked as a realtor with Kirk & Cobb. His practice includes a wide variety of business transactions, including real estate and business and estate planning.