Well our legal system is setup on case law and statutes, and at least I know for Texas, that the case law says that I don't have to put any earnest money to make the contract valid.Should I still practice Covering Your Assets (CYA) even if the law is behind me?

THIS IS ONLY A PARTIAL LIST.On these thousands of properties, they must concern themselves with occupant issues, safety and hazard issues, legal and title issues, property preservation issues, expense management, documentation and company/lender auditors, investor oversight, potential insurance claims, PMI or M/I claims, government oversight, Fair Housing issues, ooh and Profit/Loss (Values).

There are trusts but not something that the law calls a land trust.There are contracts for deeds or land contracts where you transfer economic title but not legal title.

Its a bit challenging for me to analyze all this info because I live in Montreal, Canada and our laws and system is a bit different.

Laws very widely from state to state, especially if the seller is involved in foreclosure.

This is actually a good result when this happens as you are the holding the first lien on the property.Rules on redemption of liens and foreclosure actions not only vary state by state but county by county, so wherever the property is you need to ensure you are aware of the laws pertaining to the locality.

- Do you feel the government has overstepped the boundaries of its responsibilities to its voting public or do you feel that more laws of this nature should be passed?

My comments boil down to the age old laws of supply and demand---supply (lack of land that is) and demand (presence of wealth or future growth) are economic principles that can't be disputed.

Things might be done a bit different in Quebec because you're under French civil law instead of British common law.

Remember, Federal law doesn't permit them to BROKER sales, but just like any other property owner, they're afforded the legal right to sell their own property without a license.