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.
Form 17 Deed Of Trust Example In Michigan
State:
Multi-State
Control #:
US-00183
Format:
Word;
Rich Text
Instant download
Description
Free preview
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FAQ
Disadvantages of a Trust Deed For borrowers, if financial circumstances change, default on repayment can result in property foreclosure.
Michigan is a Mortgage state and Deed of Trust state.
Sign and date your deed Sign and date the quitclaim deed in a notary's presence, then file it with the county Register of Deeds Office in the property's county, not the county where you live. Once the deed is filed and recorded, the transfer is deemed legal.
The Michigan statute does not require the trust document to be filed as part of the registration. To register the trust, the trustee files a statement that includes the trustee's name and address and acknowledges the trusteeship.
A Michigan deed of trust is a real estate document used in conjunction with a promissory note to place a property title in a trust until the borrower has repaid the lender in full. The arrangement involves three (3) parties: the borrower, the lender, and a trustee.
Erecording, or electronic document recording, is the process of transmitting real property documents electronically to the local government entity charged with recording and maintaining public records.
RECORDING REQUIREMENTS Documents must have all original signatures and the names must be printed, stamped, or typed beneath the signatures. Documents executed in Michigan which convey or encumber real estate require a notary's acknowledgment.
The forms must be filed in the probate court. See also indexes for general, general civil, and general probate forms for other forms which are used in probate estate and trust proceedings as appropriate.
Typically, a deed is recorded with the local county recorder of deeds. Recording the deed gives the public notice that the grantee now legally owns the property. Not recording a deed can cause problems for the grantee. They may be unable to obtain a mortgage, insure the property, or sell it.
RECORDING REQUIREMENTS Documents executed in Michigan which convey or encumber real estate require a notary's acknowledgment. Documents must be on 8.5" x 11" or 8.5" x 14" paper and must have a 2.5" top margin for the first page, and a minimum 0.5" margin on the other three sides of all pages.
