US Legal Forms
Change or Modification Agreement of Deed of Trust

Deed Of Trust Without Promissory Note In Texas

Category:

Real Estate - Mortgages and Deeds of Trust

State:

Multi-State

Control #:

US-00183

Format:

Instant download

Description

The Deed of Trust Without Promissory Note in Texas serves as a key legal instrument to secure debts without linking them to a formal promissory note. This document outlines the agreement between the borrower and the lender, modifying existing loan provisions and reaffirming the validity of the lien on the property. Key features include the renewal and extension of the security instrument, alongside clear terms for co-grantors who may not be directly obligated to the debt but still sign to convey interests in the property. Filling out the form requires careful attention to details such as the modification date, property description, monthly payment amounts, and loan terms, which need to be accurately recorded. This form is valuable for attorneys, partners, and legal assistants who facilitate residential or commercial lending transactions, ensuring that all parties are fully informed of their obligations and rights. Paralegals and associates can utilize this template when dealing with loan modifications, providing them to clients in need of restructuring their financial agreements. By understanding how to fill and edit this form correctly, legal professionals can ensure compliance and effective execution of loan agreements in Texas.

Compliance agreement mortgage forbearance

View this form

Loan agreement modification for employee

View this form

Sample Letter for Cancellation of Direct D...

View this form

Stock Option Agreement of VIA Internet, Inc.

View this form

Sample Letter for Erroneous Information on...

View this form

Sample Complaint - Breach of Contract - Ex...

View this form

Request For Documents in Systems Failure Suit

View this form

Form popularity

FAQ

Under Texas trust laws, the following are required for a valid trust to be formed: The Settlor must have a present intent to create a trust. The Settlor must have capacity to convey assets to the trust. The trust must comply with the Statute of Frauds. The trust must have a legal purpose.

A deed of trust will include the same type of information stated in a mortgage document, such as: The identities of the borrower, lender, and trustee. A full description of the property to be placed in trust. Any restrictions or requirements on the use of the property while it is in trust.

Requirements For A Valid Deed In Texas The Form of the Deed. In Texas, a deed must be in writing and signed by the person transferring the land. Identifying the Parties to the Transfer. Describing the Land in the Deed. Executing or Signing the Deed. Delivery and Acceptance of the Deed by the Grantee.

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.

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.

Disadvantages of a Trust Deed For borrowers, if financial circumstances change, default on repayment can result in property foreclosure.

In a deed of trust, the borrower (trustor) transfers the Property, in trust, to an independent third party (trustee) who holds conditional title on behalf of the lender or note holder (beneficiary) for the purpose of exercising the following powers: (1) to reconvey the deed of trust once the borrower satisfies all ...

In conclusion, all of the options listed (lack of consideration, absence of grantor's signature, omission of legal description, failure to notarize the document) could potentially cause a grant deed to be invalid at its inception.