Mortgage Deed Explanation With Example

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Multi-State
Control #:
US-03109BG
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Word; 
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Description

A mortgage deed is a document which gives a lender legal right and interest in a property. Generally, a borrower is pledging his home as security for a loan. The mortgage deed evidences the lender's ownership in the property. It operates very much the same as a mortgage or deed of trust. The lender can foreclose on the property if the debtor does not make timely payments.
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FAQ

In Rhode Island, you must specify on the form that the power is durable. If you do not, the form will lose effect if you become incapacitated, which defeats its purpose in some cases. Rhode Island requires that two witnesses or a notary public sign your form.

A Rhode Island durable statutory power of attorney form is used to transfer authority over financial acts from one person (?principal?) to someone else (?agent?). The principal can choose more than one agent to act on their behalf and select to have them work jointly or severally.

Steps for Making a Financial Power of Attorney in Rhode Island Create the POA Using a Form, Software or an Attorney. ... Sign the POA in the Presence of a Notary Public. ... Store the Original POA in a Safe Place. ... Give a Copy to Your Agent or Attorney-in-Fact. ... File a Copy With the Recorder's Office.

A Brief Summary of Rhode Island Durable Power of Attorney Law. As with most other states, Rhode Island statute allows the patient's appointed health care agent (named in the durable power of attorney) to refuse any procedure that prolongs the dying process.

A Rhode Island limited power of attorney form can be used to appoint another person to take care of specific matters on your behalf. This paperwork has been developed so that only a certain amount of principal power is available to the agent when representing the principal.

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Mortgage Deed Explanation With Example