ADRE LAW BOOK 2025

ceptions as may be agreed to in writing by the purchaser. Any balance remaining unpaid by the purchaser may be evidenced by a note and mortgage or deed of trust. The deed and mortgage or deed of trust shall be recorded by the owner, agent or subdivider within sixty days of execution thereof by the purchaser. 2. Execution, delivery, recording and depositing in escrow, not later than sixty days after execution by the purchaser, with a person or firm authorized to receive escrows under the laws of this state or the state in which the subdivision is located, of a real estate sales contract pertaining to the property, which contract sets forth the full and correct legal de scription of the property being sold and the precise terms and conditions under which the property is being sold together with: (a) A copy of a preliminary title report showing the conditions of title to the prop erty on the date of the real estate sales contract or a preliminary title report showing the condition of title on an earlier date together with a copy of any document, re corded subsequent to the date of the preliminary title report, which affects the title to the property. (b) An executed deed in good and sufficient form conveying to the purchaser mer chantable and marketable title, subject only to such exceptions as may be agreed to in writing by the purchaser which deed, under the terms of the real estate sales con tract, is to be delivered to the escrow agent provided for under the contract within sixty days of the purchaser’s execution of the contract and is to be recorded within sixty days after purchaser’s compliance with the obligations imposed on him under the contract together with any release or partial release of any blanket encumbrance pertaining to said lot. (c) Any and all documents necessary to release or extinguish any blanket encum brance to the extent it applies to the real property being sold, or a partial release of the lot or parcel being sold from the terms and provisions of such blanket encum brance. 3. Execution, delivery and recording of a deed to the real property to a trustee to gether with a trust agreement and any and all documents necessary to release or extinguish any blanket encumbrance to the extent it applies to property being sold, or a partial release of the lot or parcel being sold from the terms and provisions of such blanket encumbrance. The trust agreement shall provide for conveyance by the trustee to a purchaser, upon purchaser’s compliance with the obligations im posed on him under his real estate sales contract, by a deed in good and sufficient form conveying to the purchaser merchantable and marketable title, subject only to such exceptions as may be agreed to in writing by the purchaser. The real estate sales contract of the lot being sold shall be recorded by the owner, agent or subdivider within sixty days of execution of the real estate sales contract by the purchaser. The trustee shall execute, record and deliver the deed and record the release or partial release required by this subsection within sixty days of the purchaser’s fulfillment of the terms of his real estate sales contract. B. All documents required to be recorded under the provisions of this section shall be recorded in the county and state wherein the subdivision is located. C. Any sale or assignment of a mortgage, deed of trust or real estate sales contract by an owner, agent, subdivider or trustee shall be recorded in the county and state where the subdivision is locat

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