Arizona Deed and Assignment from Trustee to Trust Beneficiaries
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How to fill out Deed And Assignment From Trustee To Trust Beneficiaries?
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FAQ
A trustee is any person or organization that holds the legal title of an asset or group of assets for another person, called the grantor. A trustee is granted this legal title through a trust in which the they hold title to the assets held in trust for the benefit of others.
Under a Deed of Trust, there are generally three parties the borrower, the lender and the Trustee, who holds title to the lien for the benefit of the lender and whose sole function is to initiate and complete the foreclosure process at the request of the lender.
Generally, the trustee must be an attorney, title insurance company, trust company, bank, savings and loan, credit union, or other company specifically authorized by law to serve as a trustee. Other states have no limitations.
To transfer real property into your Trust, a new deed reflecting the name of the Trust must be executed, notarized and recorded with the County Recorder in the County where the property is located. Care must be taken that the exact legal description in the existing deed appears on the new deed.
In real estate law, "assignment" is simply the transfer of a deed of trust from one party to another. This usually happens when the beneficiary of a trust deed sells their loan to another lender.
What is a trustor vs trustee? In a deed of trust, a trustor is the borrower and the trustee is a third party that holds the property's title. The trustee is entrusted with the title and the right to sell the property if the trustor defaults on the loan.
To establish a beneficiary deed in Arizona, the deed must: Grant the real estate property to a beneficiary designated by the owner of said property. Be recorded in the office of the county where the property is located. Be recorded in the county office before the property owner's death.
Except as provided in subsection B, the trustee of a trust deed shall be: 1. An association or corporation doing business under the laws of this state as a bank, trust company, savings and loan association, credit union, insurance company, escrow agent or consumer lender.
