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 Records For A House In Wayne
State:
Multi-State
County:
Wayne
Control #:
US-00183
Format:
Word;
Rich Text
Instant download
Description
Free preview
Form popularity
FAQ
Disadvantages of a Trust Deed For borrowers, if financial circumstances change, default on repayment can result in property foreclosure.
Ideally, an SMSF trust deed should be written in a way that doesn't require regular updating. However, the deed should be reviewed at least annually to ensure it's up to date.
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.
In California: “An unrecorded instrument is valid as between the parties thereto and those who have notice thereof.”
RECORDING REQUIREMENTS Documents executed in Michigan which convey or encumber real estate require a notary's acknowledgment. Documents must be on 8.5" x 11" or 8.5" x 14" paper and must have a 2.5" top margin for the first page, and a minimum 0.5" margin on the other three sides of all pages.
For a deed to be legal, it must state the name of the buyer and the seller, describe the property being transferred, and include the signature of the party transferring the property. In addition to being either official or private, deeds are classified as general warranty, special warranty, or quitclaim.
Deeds of trust transfer the legal title of a property to a third party—such as a bank, escrow company, or title company—to hold until the borrower repays their debt to the lender.
If you do not have your deed, then you can get a recorded copy of it at the Register of Deeds; and a recorded copy is just as good as the original. You can come in person, send us a request by mail, or search online. Search and copy fees will apply.
Often, between 21 and 60 days following closing, the title company will deliver your final Owner's Title Policy, an original copy of the deed that was recorded and any other relevant information.
There are three (3) convenient ways to retrieve a document from our extensive files: Visit waynecountylandrecords - available 24 hours a day. Visit our office in historic Greektown (kiosks are now only available to be used from am - pm) Request a Search-by-Mail.