US Legal Forms
Change or Modification Agreement of Deed of Trust

Change Deed Trust With Assignment Of Rents In Philadelphia

Category:

Real Estate - Mortgages and Deeds of Trust

State:

Multi-State

County:

Philadelphia

Control #:

US-00183

Format:

Instant download

Description

The Change Deed Trust with Assignment of Rents in Philadelphia is a legal document that modifies an existing mortgage or deed of trust to secure a debt through a formal agreement between the borrower, co-grantor, and lender. This modification, effective as of a specified date, includes key features such as the renewal and extension of lien, amendment of the security instrument, and terms for repayment. The form outlines the borrower's obligation to pay the principal plus interest, details payment schedules, and clarifies the implications of default. It is essential for parties involved in real estate transactions where debt restructuring is required. This form can significantly benefit attorneys, partners, owners, associates, paralegals, and legal assistants by providing a structural mechanism for adjusting existing financial agreements. Its clear wording reduces confusion in legal obligations and enhances compliance with financial agreements, making it easier for non-experts to navigate modifications. The form explicitly states the responsibilities of all parties and includes provisions for further accommodations without co-grantor consent, making it a practical tool for legal practitioners dealing with modifications of trust agreements in real estate.

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FAQ

The assignment of rents clause is a provision in a mortgage or deed of trust. It gives the lender the right to collect rents from mortgaged properties if the borrower defaults. All incomes and rents from a secured property flow to the lender and offset the outstanding debt. Clearly, this benefits the lender.

Final answer: The assignment of rents clause primarily benefits the lender or financier in a mortgage arrangement. However, in some situations, tenants can indirectly benefit from the clause by ensuring continuation of essential services.

Can I Transfer a Deed Without an Attorney? The state of Pennsylvania does not require an attorney, but we strongly recommend it.

To add, remove, or change a name on a deed, have a lawyer, title company, or other real estate professional prepare the deed. Then, record the new deed with the Department of Records. Note: We recommend that you do not prepare a deed on your own. We also recommend that you get title insurance.

ASSIGNMENT OF RENTS - Trustor hereby assigns and transfers to Beneficiary all right, title and interest in rents generated by the property, including rents now due, past due, or to become due under any use of the property, to be applied to the obligations secured by this Deed of Trust.

This can only be done by recording a new deed showing the change. Many people think they can simply come into the office and change the present deed on record. However, once a paper is recorded, it cannot be changed. The new deed can be prepared by your attorney, title insurance company or a real estate office.