A Typical Sale of Real Property

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