Exclusive-right-to-sell and right-to-buy listings – A written employment agreement by a broker and a prospective buyer of real estate employing and entitling the broker to a fee when property is purchased during the listing period.
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Off to the races – proper handling of the notice of judicial sale at least 20 days before the sale.
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Grant deed – A document used to pass a fee simple interest in real estate from the grantor to another individual, unless a lesser interest is stated, such as an easement, life estate or leasehold interest.
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Introducing the foreclosure decree, court-appointed levying officer and writ of sale.
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Lead-based paint hazard – Any condition that causes exposure to lead from lead-contaminated dust, soil or paint which has deteriorated to the point of causing adverse human health effects.
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Initiating the judicial foreclosure process by filing a complaint in the Superior Court of the county where the property is located
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Installment note – A note calling for periodic payments of principal and interest, or interest only, until the principal is paid in full by amortization or a final/balloon payment.
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Pursuit of a money judgment against a property owner under a judicial foreclosure.
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Due diligence – the efforts of an agent employed to meet the objectives of their client in exchange for a fee.
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The trustee’s use of a trustee’s deed to transfer title to property to the successful bidder at an auction.
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The trustee’s acceptance of the final and highest bid from the successful bidder at a nonjudicial foreclosure sale.
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What is an encroachment? An encroachment is an...
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Comprehensive trustee’s sale notice requirements ensure the sale at public auction is properly advertised.
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Homestead – the dollar amount of equity in a homeowner’s principal dwelling exempt from creditor seizure.
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The trustee’s critical adherence to strict statutory notice of default (NOD) delivery and notice requirements.
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Preliminary title report (prelim) – a revocable offer by a title insurer to issue a policy of title insurance.
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Judicial foreclosure – the court-ordered sale by public auction of a mortgaged property.
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Reinstatement and redemption periods prior to the trustee’s sale
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Emblements – cultivated crops grown on a portion of land leased to a tenant by a landowner.
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Breaking a sweat with the pre-foreclosure workout at least 30 days prior to recording a notice of default (NOD)
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