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HOW IT WORKS
How it works
Unless you're a professional athlete or movie star, chances are you'll need a loan to buy your dream house. When you get that loan, however, you will be required to sign a Deed of Trust (or a Mortgage Agreement depending on your state) as security or collateral for the loan. If the loan is not repaid on time, the lender can foreclose on and sell the property in order to pay off the loan.
Trust Deed, Deed of Trust Form
If you look at the big picture, a Deed of Trust functions similarly to a Mortgage. Namely, a buyer secures a loan so he or she can buy a house, then the lender protects that loan with a deed or a mortgage. But there are a few important differences to keep in mind.
For starters, a Deed of Trust is usually notcreated by a bank. In fact, there’s a third party involved during Deeds of Trust. There’s the home buyer, the lender, and finally, the trustee, who actually holds the title until the loan is repaid. The trustee is responsible for beginning the foreclosure process, if it comes to that.
In fact, in the event of a foreclosure, a Deed of Trust lets the lender and trustee stay out of court.
While Deeds of Trust are getting more popular across the country, that doesn’t mean you can create then in every state. Here are a list of states in which a Deed of Trust is legal:
Alabama, Alaska, Arizona, Arkansas, California, Colorado, Washington D.C., Georgia, Hawaii, Idaho, Illinois, Kentucky, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Mexico, North Carolina, Oregon, Rhode Island, South Dakota, Tennessee, Texas, Utah, Virginia, Washington, West Virginia, and finally, Wyoming.
You’ll need some typical information to complete your Deed of Trust. The names of the borrowers, lenders, and trustees, for example, as well as information about the loan and property themselves. But, in addition to those, here are two important optional terms that you may want to include in your Deed of Trust:
In order to make the Deed of Trust binding, the Borrower and Guarantor, if there is one, must sign it front of a notary public. Then the signed and notarized Deed of Trust must be filed at the city or county office for recording property documents.
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