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After reading this chapter, you should understand the following:
This chapter follows the steps taken when real estate is transferred by sale.
During this process, the buyer and seller enter into a series of contracts with each other and with third parties such as brokers, lenders, and insurance companies. In this chapter, we focus on the unique features of these contracts, with the exception of mortgages (Chapter 29 "Mortgages and Nonconsensual Liens") and property insurance (Chapter 37 "Insurance"). We conclude by briefly examining adverse possession—a method of acquiring property for free.