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Form-of-the-Week: Purchase Agreement with Short Sale Contingency, and Deed-in-Lieu of Foreclosure — Forms 150-5 and 406

Form-of-the-Week: Purchase Agreement with Short Sale Contingency, and Deed-in-Lieu of Foreclosure — Forms 150-5 and 406

Alternative methods to a foreclosure sale on mortgaged property include a short sale and a deed-in-lieu of foreclosure. RPI Form 150-5 allows a buyer to purchase a property when the mortgage holder agrees to take a reduced payoff to satisfy the debt and clear title. RPI Form 406 allows an owner to deed their property directly to their mortgage holder.

Context is key

Learn the 25 factors that drive California’s real estate market to better understand today’s top news stories.

Click to download Economic Trends in California Real Estate: Realty Almanac 2022-2024

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