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A Common Question: What Is A Deed Of Trust?


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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