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Describe the three stages of skill acquisition.
Equity of Redemption
The right of a borrower to reclaim their property pledged as collateral upon full repayment of the debt prior to foreclosure.
Foreclosure
The legal process by which a lender obtains the property used as collateral for a loan, typically due to the borrower's failure to make payments.
Title Search
A title search is a process conducted to verify the legal ownership of property and to ensure there are no liens, encumbrances, or disputes over the property's title before its sale or transfer.
Chronological Record
A sequential documentation of events in the order of their occurrence.
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