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A Common Question: What Is A Deed Of Trust?
from:What 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.
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Free Land Trust Deed News
York County deed transfers for May 20, 2012 - York Daily Record
York County deed transfers for May 20, 2012 York Daily Record 1448 N. Sherman St., Springettsbury Twp.: CR Property Group to Aimee Loretta Bresnick, Alan F. Baird, $98500. 3330 Bitternut Boulevard, Manchester Twp.: Federal National Mortgage Association to Chris A., Robert E. Poborsky, $92500. |
Details Ad Id 1318311 - Jacksonville Daily News
Details Ad Id 1318311 Jacksonville Daily News AMENDED NOTICE OF FORECLOSURE SALE NORTH CAROLINA, ONSLOW COUNTY 11 SP 64 Under and by virtue of a Power of Sale contained in that certain Deed of Trust executed by JANET REED, A Single Person to Burke & Associates, Trustee(s), which was dated August ... AMENDED NOTICE OF FORECLOSURE SALE . . . |
Details Ad Id 1318304 - Jacksonville Daily News
Details Ad Id 1318304 Jacksonville Daily News AMENDED NOTICE OF FORECLOSURE SALE NORTH CAROLINA, ONSLOW COUNTY 11 SP 540 Under and by virtue of a Power of Sale contained in that certain Deed of Trust executed by JIMMIE J. FULLER AND MICHAEL P FULLER, SR. to WILLIAM R. ECHOLS, Trustee(s), ... |
New Title Transfer Service for Californians Owning Hawaiian Timeshares - San Francisco Chronicle (press release)
New Title Transfer Service for Californians Owning Hawaiian Timeshares San Francisco Chronicle (press release) 1. divorce 2. fund a trust 3. transfer to heirs or beneficiaries out of trust 4. add or remove co-owners Complete service is provided at Deed and Record 1. Quit claim deed is prepared with legal description and cover page as required by the Bureau of ... |
Steve Bernier donates Five-Corners house to Island Housing Trust - Martha's Vineyard Times
 Martha's Vineyard Times | Steve Bernier donates Five-Corners house to Island Housing Trust Martha's Vineyard Times By Nelson Sigelman The Island Housing trust's newest property sits in the Vineyard Haven business district between a former Chinese restaurant and a car rental business adjacent to Five Corners. [More Photos] A property purchase by Steve Bernier, ... |