System 2 Thinking - Guest Blog - July 2019
NYC-based management consultancy System 2 Thinking has published The Ultimate Real Estate Transaction Compliance Manual, the only encyclopedic guide to the laws and customs that govern real estate transactions in all 51 jurisdictions in the United States.
Its authors are Allen Solomon, CEO and President of System 2 Thinking; Roberto Abreu, Chief Compliance Officer at System 2 Thinking; and Steve Daigle, Sr., Founder and Chairman of Punctual Abstract, one of the largest abstracting firms in the United States.
The manual is the result of fifteen years of work that began when Solomon was the National Managing Director for Linear Title & Closing in the early 2000s. It was his responsibility to ensure compliance, so he created what was anecdotally known as a “cheat sheet” of all state-specific laws and customs to use as the company expanded into new states.
By the time he retired, the cheat sheet had grown to 46 states. Over the next few years, Solomon, Abreau and Daigle expanded the cheat sheet into a truly comprehensive, 51-jurisdiction manual with carefully ShepardizedⓇ citations for each statute and regulation.
“I experienced first-hand the need for this kind of manual,” Solomon said. “And the need is even greater now as different players--from real estate brokerages, mortgage divisions, title agencies to PropTech companies--are trying to speed up and automate transactions. No matter how fast you go, these rules still underpin and structure the transactions. There was no state by state compliance guide for executives, compliance officers, or technologists looking to disrupt real estate. Nobody seemed to want to create one. So I created it myself with great assistance from my colleagues Steve Daigle and Roberto Abreu.”
The Manual can be purchased in digital format. Each copy of the 250-page manual is a comprehensive reference guide that provides targeted and essential information, common pitfalls, and peculiarities of working in every jurisdiction.
“The goal was to provide a clear view of each state’s recording laws, property tax structure, how title is vested, who can legally close or disburse a transaction, foreclosure law and statute of limitations laws and much more,” said Marc Shaw, President of World Wide Land Transfer, Inc., who wrote the manual’s foreword. “The goal was met with this concise, effectively-segmented manual.”
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