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 For Form 17 In Virginia
State:
Multi-State
Control #:
US-00183
Format:
Word;
Rich Text
Instant download
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FAQ
A trustee of a trust is legally responsible to manage the trust in ance with the terms of the trust document. A trustee can be an individual, a corporate trustee, or a combination of both. It's important to explore different scenarios before making a decision.
Under a deed of trust, the grantor agrees to the trustee's power of sale; that is, the right to a “non-judicial foreclosure” if they default on payments. This type of foreclosure process exempts the beneficiary from requiring the court's approval to sell the property.
Every trust requires a trustee. While it is possible that you serve as your own trustee for a revocable trust, generally an anonymous LLC that you own works best for privacy reasons. This way you won't have to give up control to an outside party.
If you borrow from the seller of the property or another private party, you and the lender need to agree upon a third-party trustee. As with a commercial lender, you may be able to use a title company, escrow agent, real estate broker, or attorney for this purpose.
All deeds must be prepared by the owner of the property or by an attorney licensed to practice in Virginia. The requirements are listed below in the code section. Click here to read about e-Recording.
A deed of gift is a legal document used to transfer ownership of property from one person (the donor) to another (the donee) without monetary exchange. This method is often used for familial transfers or charitable donations.
A trust deed gives the third-party “trustee” (usually a title company or real estate broker) legal ownership of the property.
When closing on a home, you should receive a copy of your house deed when the title is transferred to you. You can also request an additional copy at any time through your County Recorder's office or Register of Deeds office (the official name may vary by location).
Under a deed of trust, the grantor agrees to the trustee's power of sale; that is, the right to a “non-judicial foreclosure” if they default on payments. This type of foreclosure process exempts the beneficiary from requiring the court's approval to sell the property.