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A Common Question: What Is A Deed Of Trust?
from: Mortgage & Debt FactsWhat is a deed of trust?
You may have joined the many that have asked this question when purchasing a home and taking out a mortgage. One way of describing or defining a deed of trust is as the security for your loan.
When you purchase a home, you have a mortgage that describes the real estate. Your name is listed as the owner of this real estate. If you need to take out a loan to purchase this real estate (as most people do), you also have to sign loan documents listing all important information having to do with the loan.
The information on the loan documents will include the dollar amount that you borrowed, the loan terms such as interest rate, length of loan, monthly payment amount, your signature and the bank's.
You're probably still asking, "What is a deed of trust?" When you sign the loan documents and the mortgage, you get one copy of the loan documents and the bank keeps another copy. The mortgage that you've signed is what they show you when you ask "What is a deed of trust?" This document is what is sent to your local register of deeds office to be recorded until such time as the loan is fully paid off. The deed of trust is the security for your loan and is recorded in your local public records office.
The deed of trust consists of three different parties involved: the trustor, the trustee and the beneficiary. The borrower, which is you, is considered the trustor.
The beneficiary is the bank or lending institution that borrowed you the money.
The trustee is the register of deeds or public office which holds the legal title to your real estate.
A deed of trust is a legal binding document. If you're asked to sign a deed of trust and aren't sure what is a deed of trust, be sure to have them thoroughly explain everything to you.
The deed of trust will usually list the original amount of the loan, the legal description of the real estate being used as security, all individuals involved, and the start and maturity dates of the loan, any mortgage provisions, legal procedures, late fees or mortgage terms. While a deed of trust has a trustee, a mortgage does not, which often results in confusion between a deed of trust and a mortgage.
There are websites that can help you learn all about deeds of trust and mortgage so you'll never have to ask, "What is a deed of trust?" if asked to sign one. Always make sure you know what you're signing, especially since it involves your home and property.
Deed Of Trust Specific links
Deed Of Trust News
Trust deed reform plan to address balance of rights - Scotsman
 Bellshill Speaker | Trust deed reform plan to address balance of rights Scotsman Ministers want to alter protected trust deeds (PTDs) following a consultation on how to balance the needs of debtors with the rights of creditors. PTDs are voluntary agreements where a debtor offers to put what assets they can towards paying as much of ... Debt payback scheme changes planned |
IN THE GENERAL COURT OF . . . - New Bern Sun Journal
IN THE GENERAL COURT OF . . . New Bern Sun Journal IN THE GENERAL COURT OF JUSTICE OF NORTH CAROLINA SUPERIOR COURT DIVISION CRAVEN COUNTY 12SP159 IN THE MATTER OF THE FORECLOSURE OF A DEED OF TRUST EXECUTED BY ERNESTINE WILLIAMS AND PIERRE WILLIAMS DATED OCTOBER 28, 2004 AND RECORDED IN BOOK 2243 AT ... |
Public Notices, May 17 - San Fernando Valley Sun
Public Notices, May 17 San Fernando Valley Sun YOU ARE IN DEFAULT UNDER A DEED OF TRUST DATED 7/18/2006. UNLESS YOU TAKE ACTION TO PROTECT YOUR PROPERTY, IT MAY BE SOLD AT A PUBLIC SALE. IF YOU NEED AN EXPLANATION OF THE NATURE OF THE PROCEEDING AGAINST YOU, YOU SHOULD CONTACT A LAWYER. |
York County deed transfers for May 20 - York Daily Record
York County deed transfers for May 20 York Daily Record 2404 S. Queen St., York Twp.: Jerry A., Annette F. Stine, Sheriff Richard P. Keuerleber to Wells Fargo Bank, Soundview Home Loan Trust, $2460. 25 Loucks St., Loganville: William J., Alysha R. Poff to Brent D., Kristen P. Gregory, $138000. |
New Online Service, Transfer Real Property into a Living Trust by Quit Claim ... - San Francisco Chronicle (press release)
New Online Service, Transfer Real Property into a Living Trust by Quit Claim ... San Francisco Chronicle (press release) Irvine, CA (PRWEB) May 13, 2012 DeedAndRecord.com provides new online service to transfer real property into a Living Trust by quit claim deed. Living Trusts avoid probate, but only if the real estate property is titled in the name of the trust. |