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 Modification With No Maturity Date In Texas
State:
Multi-State
Control #:
US-00183
Format:
Word;
Rich Text
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FAQ
These trusts are for those who want to make sure that their wealth, whether it's relatively new or goes back generations, remains in the family long after they're gone. Under Texas law, a dynasty trust can last for up to 300 years.
You will usually be discharged after four years, but some trust deeds can last for longer. This information will be included in the terms of the trust deed. If the trust deed does not become protected, your discharge will only be binding on those creditors who agreed to the arrangement.
Most deed restrictions have an average life span of 25 to 30 years. Some are in effect “in perpetuity.” Many deed restrictions contain a provision for automatic renewal after the initial 25 to 30 year span, unless the owners take action to prevent renewal.
To change the trust deed itself, you must execute a deed of variation. This is a document that updates the relevant section of the original trust deed. The deed of variation forms part of the documentation of your discretionary trust and details how the trust deed has been changed over time.
In Texas, you and sometimes your trustee must sign the amendment. Notarization is usually required to make it official. This step adds an extra layer of protection, proving the document's authenticity.
Section 52.006 - Duration of Lien (a) Except as provided by Subsection (b), a judgment lien continues for 10 years following the date of recording and indexing the abstract, except that if the judgment becomes dormant during that period the lien ceases to exist.
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.
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.
While a traditional warranty deed involves a grantor and a grantee, a deed of trust includes three parties. These are the lender (the beneficiary), the borrower (the trustor) and the trustee, a third party that might be a title company.