As the recent firestorm of foreclosures plays out in courtrooms throughout the country, judges have made it clear that they have little patience for sloppy or incomplete paperwork forming the basis for a lender’s action. Be it on the front page of the New York Times1 or the recently decided case causing ripples throughout the securitization industry, U.S. Bank National Association v. Ibanez,2 it is clear that real estate and finance attorneys must pay closer attention than ever to even small details in their agreements, such as the date of a document, which, absent precision, may result in unintended consequences for a client.
Although contained in the first sentence of almost every legal agreement, the significance of the recitation of the date in such agreement’s preamble is likely not the main focus of an attorney when drafting. Typically, the date of a document is not a negotiated term and rarely do the parties give any thought to the possible consequences thereof. Significant issues can arise, however, as a result of the date of a document. In this article we will review common drafting customs for dating real estate documentation, as well as possible pitfalls associated therewith.
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