Deed Of Trust Records Without Promissory Note In San Antonio
Description
Form popularity
FAQ
Unlike a deed of trust or mortgage, the promissory note is typically not recorded in the county land records (except in a few states like Florida). Instead, the lender holds on to this document until the amount borrowed is repaid.
Disadvantages of a Trust Deed For borrowers, if financial circumstances change, default on repayment can result in property foreclosure.
In California, a deed of trust must come with security, typically a promissory note. To be valid, a deed of trust must be (1) in writing, (2) with a description of the property, and (3) signed by the trustor of the deed of trust.
Unless the lender uses a different document or terminology for “promissory note,” there typically wouldn't be a mortgage in place without a promissory note. It is a crucial legal document to the mortgage process that holds both the borrower and the lender accountable to mutually agreed terms and conditions.
The deed of trust must then be recorded with the county where the property is located, and each of the parties (the trustor, trustee, and lender) should keep a copy of the recorded document.
So, put simply, if your deed was not recorded or you have discovered unrecorded deeds in your chain of title, there is no need to worry. The deeds themselves will still be valid and you can file correction instruments to correct any mistakes.
Texas doesn't require you to record your trust. As long as it's signed, notarized, and properly funded, it's valid.
You do not have to record the deed to make the transfer valid between the parties. However, as described above, the grantee will want to record the deed as soon as possible after receiving delivery.
The deed, when recorded, became a permanent part of the County property records. If you should lose your original deed, you may obtain a certified copy of your deed from the County Recorder in which the land is located. A county certified copy can be used in the place of the original.
If you're lucky, your county might even provide a self-service official records search site. From here, you may be able to look up your property, locate the deed, and download a copy of your deed onto the computer. Be prepared to provide the owner's name, property street address, and parcel number if you have it.
