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 Without Promissory Note In Houston
State:
Multi-State
City:
Houston
Control #:
US-00183
Format:
Word;
Rich Text
Instant download
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FAQ
Transfers of real property must be in writing and notarized. Deeds should be recorded in the county where the property is located. To ensure a legal change to the property title, you'll want the services of an attorney. A qualified attorney will prepare and file the real estate transfer deed.
Once a deed has been recorded by the County Clerk's Office, copies of the deed may be requested if the original deed has been misplaced. Plain copies can be found by using the Official Public Records Search and selecting "Land Records". A certified copy may be purchased through request either in person or by mail.
A Deed of Trust in Texas transfers title of real property in trust. It is the equivalent to a mortgage used in other states and provides a secured interest for a lender against real estate.
Generally speaking, a valid Texas deed must include all of the following: the names of the grantor and grantee involved in the transaction, their intent to convey the property, a sufficient description of the property to be conveyed, and it finally must be signed by the grantor and delivered to the grantee.
If a seller offers a Seller Financed Mortgage for the sale of the property, there must be 3 documents signed: a Promissory Note, a Deed of Trust and a Warranty Deed.
By signing the Deed in Lieu of Foreclosure, the Borrower is legally transferring title to the property back to the Lender in exchange for the cancelation of the unpaid balance owed on the Promissory Note secured by the property.
Deed of Trust Liens: Non-Federal Beneficiary/Payee CIVIL PRACTICE & REMEDIES CODE §16.035: Deed of Trust lien becomes barred 4 years after the original or extended maturity date of the secured obligation.
In order to qualify for a non-judicial foreclosure, the lienholder must have a deed of trust with a "power of sale" clause, giving them the authority to sell the property. These foreclosures are governed by Section 51.002 of the Texas Property Code as well as the contractual documents.
(b) A sale of real property under a power of sale in a mortgage or deed of trust that creates a real property lien must be made not later than four years after the day the cause of action accrues.
Under Texas trust laws, the following are required for a valid trust to be formed: The Settlor must have a present intent to create a trust. The Settlor must have capacity to convey assets to the trust. The trust must comply with the Statute of Frauds. The trust must have a legal purpose.