Legal Property Real Foreclosure

State:
California
Control #:
CA-P021-PKG
Format:
Word; 
Rich Text
Instant download

Description

With this Commercial Property Sales Package, you will find many of the forms that are part of closing a commercial real estate transaction.


Included in your package are the following forms:


1. A Contract for the Sale and Purchase of a Commercial Lot or Land without a Broker;


2. A Option for the Sale and Purchase of a Commercial Building;


3. A Option for the Sale and Purchase of a Commercial Lot or Land;


4. An Addendum for Environmental Assessment of Threatened or Endangered Species or Wetlands;


5. An Addendum for Continued Marketing of Property by Seller due to Contingencies;


6. An Exchange Addendum to Contract for Tax Free Exchange under Section 1031;


7. A Tax Free Exchange Agreement pursuant to Section 1031; and


8. A Fixed Rate Promissory Note Secured by Commercial Real Estate.


Purchase this package and save up to 30% over purchasing the forms separately!

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  • Preview California Commercial Property Sales Package
  • Preview California Commercial Property Sales Package
  • Preview California Commercial Property Sales Package
  • Preview California Commercial Property Sales Package

How to fill out California Commercial Property Sales Package?

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FAQ

AB 2170: Prioritizing Eligible Bidders and Ensuring Transparency AB 2170 introduced a significant shift in the foreclosure process for Institutions and investors. It mandates that Institutions prioritize ?Eligible Bidders? during the initial 30-day window after listing a real estate-owned (REO) property for sale.

California changed its law at the beginning of the 2023 to require that certain sellers of foreclosed properties containing one to four residential units only accept offers from eligible bidders during the first 30 days after a property is listed.

Foreclosure occurs when a lender seeks to seize the property used as collateral for a loan due to failure to pay. There are typically six phases in the foreclosure process and the exact steps vary state by state. Before a home is foreclosed on, owners are given 30 days to fulfill their mortgage obligations.

Judicial foreclosure requires the lender to file a lawsuit against the borrower to satisfy the unpaid mortgage loan. Lenders typically cannot take this step until 120 days after the first missed payment (in other words, after the fourth consecutive missed monthly payment).

The legal proceeding to retake the house and land after a borrower defaults is called a foreclosure. A lender who successfully forecloses on the property becomes its new owner. Most often, the house and land are sold by the lender. Money from the sale is applied to the borrower's unpaid loan balance.

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Legal Property Real Foreclosure