Suppose you have decided to sell your condo and handle the financing yourself. Since you are both the lender and financier, you will need another party to hold the deed to the property until the borrower pays the loan in full. For this type of arrangement, you would need a Deed of Trust.
Think of the Deed of Trust as an alternative to a mortgage company. Whether you are the seller/lender or the buyer/borrower, you are assured that the property deed is secured with this legally binding document.
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