This form is a deed of trust modification. It is to be entered into by a borrower, co-grantor, and the lender. The agreement modifies the mortgage or deed of trust to secure a debt described within the agreement. Other provisions include: renewal and extension of the lien, co-grantor liability, and note payment terms.
Deed Of Trust Vs Deed Of Gift In Harris
State:
Multi-State
County:
Harris
Control #:
US-00183
Format:
Word;
Rich Text
Instant download
Description
Free preview
Form popularity
FAQ
Its all about legal title. To make a gift, you need to transfer legal title to the donee. To create a trust, the trustee needs to have legal title. Both phrases express the idea that the law will not step in to save you if you haven't complied with the formalities necessary to transfer legal title.
The probate process in California is time-consuming and expensive. Probate is required even if there is a Will. Unlike a Will, a Revocable Trust avoids probate. Lifetime gifts do as well.
Generally trusts are used as they allow the settlor a degree of control over how the property is to be used whereas gifts are used when no control over the asset is required. There is also different tax treatment of each type of deed.
General warranty deed It's the type of deed that offers the most buyer protection. When committing to a general warranty deed, the seller is promising there are no liens against the property, and if there were, the seller would compensate the buyer for those claims.
Good to know: To be valid and enforceable, the transfer must be in writing and signed by the owner. The document should be filed with the County Clerk for the County in which the property is located. For example, you cannot simply say that your grandfather said he wanted you to have the property.