There can't be, each state in the union takes a different amount of time and expenses to enforce the remedies provided by the security instrument.  

If you are going to be in RE, you need to understand these instruments and develop an easily understood explanation for each paragraph.

@Gary Alford Buying free and clear properties when you buy on terms are generally installment salesA note and a security instrument like a deed of trust or a mortgage is customaryYou want to do a thorough inspection because you will be responsible for all maintenanceStructure the note to make sure you can afford all costsI generally open up an escrow account and place escrow instructions if I default on payments the owner can receive ownership of the property without a foreclosure after six days

You can't create a loss but it can certainly be instrumental in reducing/eliminating taxable 'profit'.

It would take 60 to 90 days to get your document back from the recorders office.You can sign the deed but getting it recorded was another thing.In Oregon we record same day and get recording numbers within 48 hours. there its 48 days or longer.. this lead to title companies having to give gap insurance. for instance what if some nefarious individual recorded something between the time you purchased and the totally inept wayne county recorder actually recorded your instrument.. you need title to fix it. 

Then I'd refine it further by the quality of the instrument.

Your attorney is correct about the seller finance instrument requiring foreclosure to regain possession of the property, but this is not how it typically works in practice.  

I wouldn't have a clue as to why there would be such instrumentation in a residential application.

How do you record the security instrument?

I started looking into real estate investing about a year ago, and these types of groups were instrumental to getting the knowledge I have acquired since then. http://www.meetup.com/Apartment-Investor-Mastery-AIM-Plano-TX/Here is a group that is meeting tomorrow, and they have another meeting Thursday that focuses on multi-family:http://www.meetup.com/Real-Estate-Investing-Social-Network/