Agreement Deed Trust Without Promissory Note

State:
Multi-State
Control #:
US-XS-0023
Format:
Word; 
Rich Text
Instant download

Description

The Agreement Deed Trust Without Promissory Note is a legal document designed to outline the rights and obligations of parties involved in a deed of trust arrangement without a corresponding promissory note. This agreement specifies how the parties will handle defaults related to the notes, granting the holder the right of subrogation against the defaulting debtor. Key features include provisions for reimbursement of payments made due to defaults, specifics on attorney fees and costs, and an establishment of the governing law applicable to the agreement. The form is particularly useful for attorneys, partners, and legal professionals involved in real estate transactions, as it helps clarify financial responsibilities among debtors. Paralegals and legal assistants can depend on this form for thorough record-keeping and compliance, while associates may find it beneficial for client transactions. Filling this document requires accurate completion of debtor names, payment amounts, and property details to ensure enforceability. Legal practitioners should ensure that the agreement is signed by all parties in the appropriate format to maintain its legal integrity.
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FAQ

Hear this out loud PauseThis Deed of Trust (the ?Trust Deed?) sets out the terms and conditions upon which: [Settlor Name] (the ?Settlor?), of [Settlor Address], settles that property set out in Schedule A (the ?Property?) upon [Trustee Name] (the ?Trustee?), being a Company duly registered under the laws of [state] with registered number [ ...

Hear this out loud PauseA trust deed is always used together with a promissory note that sets out the amount and terms of the loan. The property owner signs the note, which is a written promise to repay the borrowed money.

A contract needs to have bilateral or mutual consideration. This means both parties have to give something of value to each other in order for a contract to be valid. Promissory Notes: Promissory notes are a special type of legal document. They are a created by statute (e.g., The Uniform Commercial Code).

Hear this out loud PauseA Standard Document used for transferring an interest in an unsecured promissory note to a revocable trust that can be customized for use in any US jurisdiction. This Standard Document contains integrated notes and drafting tips.

Hear this out loud PauseExample: When used in a real estate transaction, the promissory note covers the promise to repay the amount owed, interest, and maturity date ? while the deed of trust or mortgage outlines the other responsibilities of the parties involved more precisely.

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Agreement Deed Trust Without Promissory Note