DELIVERY OF TITLE:On Optionee's exercise of this option, Optionor shall timely place all documents and instruments into escrowrequired of the Optionor as necessary for escrow to close as scheduled.8.

Opinions on the legal protection of such an instrument are all over the map.  

each state is a little different by and large though2nd removed upon foreclsoureIRS stays until 120 days they virtually never redeem but you can't resell unless you get release or wait out the 120 days.HOA state specificmechanics leins I believe would be removed as long as they were filed AFTER the foreclosing debt instrument. but this can be state specific as well.judgments goneBut really you should not be taking advice from the internet.. this will give you general idea but you need to research this in your state and talk to an attorney firm that handles foreclsoures.. they will know.

One has a 2nd position lien (by recording date) but it looks like a standard document with"GEORGIA - SUBORDINATE SECURITY DEED 10/97 - HUD INSTRUMENT" at the bottom.I dont see any other text on the deed making itself a senior position deed.  

The auction advertisement (often displayed in local newspapers for several weeks prior to the sale) identifies the instrument being foreclosed... by date, original amount and recording info.

Most would say that once you've got that profit from your primary residence free from tax you're probably best served to keep it tax free rather than to place it back inside a tax deferred instrument.

This weekend I did some analyses of some properties but I decided that they were unsuitable.

@Jim Groves  so what your saying is .If I am the beneficiary of a debt instrument  ( Mortgage) and my buyer defaults.

The CS has a slightly negative correlation to stocks and bonds, and a slightly positive correlation to commodities and other RE related instruments like REITs. 

Also, does that make sense for that instrument?