A Typical Sale of Real Property
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A Typical Sale of Real Property real property, title, fixtures, covenants, various promises, deed Seller $ (subject to var. conditions) e ag services & fiduciary duties se ua rvic e l A ge nc y K er $ se r D co v s ce vi $ $ e K nc ra su $ duties (holds lien) In Att’ny/Client K K $ y nc ge Escrow Agent Lender Loan K (holds legal title) s l A ua $ & fi duc iar y Buyer Sale K D Agency K services promissory note, equitable lien, promise to insure title, etc. Title Insurer Buyer’s Att’ny (if any) Listing Broker $ Subagency K Notes: This diagram portrays a sale in a “lien theory” state-­-­the majority approach. About a dozen states embrace a “title theory,” though it makes little practical difference. Most states recognize deeds of trust, a mechanism that prevails in California, under which the buyer/trustor conveys legal title to a trustee, who holds it on behalf of the lender/beneficiary. Selling Broker (C) 2012 Tom W. Bell www.tomwbell.com/teaching/PropII_Sales_Transaction.pdf Key = legal person = contract (”K”) = consideration v. 2012.01.10
