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Legal Documentation
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CONTRACTS
• FOUR ESSENTIAL ELEMENTS:– PARTIES TO A CONTRACT MUST BE
LEGALLY COMPETENT– SUBJECT MATTER MUST BE LEGAL
AND PROPER– MUST BE EVIDENCE OF AN OFFER
AND AN ACCEPTANCE– MUST BE CONSIDERATION
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REAL PROPERTY
• THE DEED OF TRUST IS THE INSTRUMENT USED TO ESTABLISH A SECURITY INTEREST IN REAL PROPERTY
• IT IS A THREE PARTY INSTRUMENT– LENDER– BORROWER– TRUSTEE
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WARRANTY DEED
• THE INSTRUMENT THAT TRANSFERS TITLE IN REAL PROPERTY
• THE SELLER IS GUARANTEEING THAT THE TITLE IS FREE AND CLEAR OF ENCUMBRANCES
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QUITCLAIM DEED
• THE SELLER IS AGREEING ONLY TO CONVEY ANY INTEREST IN THE PROPERTY, BUT NOT GUARANTEEING THAT THE PROPERTY IS FREE OF ENCUMBRANCES BY OTHERS
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OTHER INSTRUMENTS
• ABSTRACT - ALL DEEDS, MORTGAGES, FORECLOSURES, AND OTHER PERTINENT FACTS THAT AFFECT TITLE TO LAND.
• TITLE INSURANCE - USED IN PLACE OF AN ABSTRACT.
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• A LIEN IS A CLAIM OR ENCUMBRANCE ON A PROPERTY.
• FORECLOSURE IS THE PROCESS UNDER WHICH LENDERS EXERCISE THEIR RIGHTS TO HAVE SECURITY SOLD AND THE PROCEEDS APPLIED TO THE OUTSTANDING LOAN BALANCE.