A Deed of Trust's purpose is to ensure that the borrower will repay a debt associated with a property. According to this deed, while the repayment is ongoing, the lender will continue to hold the property.
Three parties are involved in a Deed of Trust:
The trustee must remain an impartial party since the trustee will need to compensate for the buyer eventually defaulting by selling the property.
Unlike many other documents and agreements, a Deed of Trust will always be referred to by that name and have no alternative titles.
A Deed of Trust is essential for lenders conducting property transactions. This deed provides additional security when settling debts and ensures that the lender gets their funds back if they fail to repay the loan.
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Creating a Deed of Trust will require the three parties – the lender, borrower, and trustee – to agree to the terms of the deed and provide all the relevant information. Once all parties read and understand the terms, they'll need to sign the document to validate it.
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A Deed of Trust transfers the property title to a trustee and imposes certain obligations to all parties involved. As a binding document, this deed requires all parties to read and confirm the deed terms before signing the document to validate it.
All parties should ensure they've read and understood all clauses of the Deed of Trust before signing the document.
The beneficiary (also called Lender, Borrower, or Grantor) must provide their signature and the date of signing on the document in the presence of a notary. Upon signing, the parties involved should each keep a copy of the deed. The trustor will also give the beneficiary a promissory note, which the trustor must sign.
A county clerk will need to make a record of the deed.
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