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.
Trust Of Deeds For Property In Salt Lake
State:
Multi-State
County:
Salt Lake
Control #:
US-00183
Format:
Word;
Rich Text
Instant download
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FAQ
(1) A trust may be created by: (a) transfer of property to another person as trustee during the settlor's lifetime or by will or other disposition taking effect upon the settlor's death; (b) declaration by the owner of property that the owner holds identifiable property as trustee; or (c) exercise of a power of ...
You transfer your home to the trust by signing a deed that names the trust as the new owner of the property. The deed then needs to be recorded with the local county recorder's office. Once recorded, the trust is now "on title" as the legal owner of the property.
"Trust deed" means a deed executed in conformity with Sections 57-1-20 through 57-1-36 and conveying real property to a trustee in trust to secure the performance of an obligation of the trustor or other person named in the deed to a beneficiary.
Disadvantages of a Trust Deed For borrowers, if financial circumstances change, default on repayment can result in property foreclosure.
Where to Get a Deed of Trust? To get a Deed of Trust, you must file the proper paperwork with the proper court as generally outlined above. These documents must be filed with the county clerk or recorder, and the lender typically sends them to the recording office after the property closing.
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Sign a deed that transfers the home to the trust, making sure to include the name of the trustee, the trust name, and the trust date. When a document is recorded, conveying real property into a trust, legal title is conveyed to the trustee(s) to be held in trust.Salt Lake County Certificate of Trust Form. Fill in the blank form formatted to comply with all recording and content requirements. Whether to use a quitclaim deed or a warranty deed to transfer property into a living trust in Utah depends in part on who holds the property. Prior to this law your home could be inherited through probate, a living trust or joint tenancy interest. Fundamental differences exist between deeds of trust and mortgages, however. ETitle Insurance Agency, Trustee. The ownership document is the deed you received when you purchased your property and you can obtain a copy of that document at our office.