District of Columbia Trustee's Deed and Assignment for Distributing Properties Out of Trust

State:
Multi-State
Control #:
US-OG-317
Format:
Word; 
Rich Text
Instant download

Description

This form is used when a Trust has terminated by the terms of the Agreement creating the Trust and pursuant to the terms of the Agreement creating the Trust, upon its termination, the then acting Trustee is to distribute all of the Properties in the Trust to the beneficiaries named in the Trust Agreement.

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FAQ

The DC recorder of deeds requires two forms when recording deeds: Real Property Recordation and Tax Form FP-7/C. Form FP-7/C is a return form listing details about the transfer?including the amount of consideration. The current owner and new owner must both sign the form.

A trustee deed?sometimes called a deed of trust or a trust deed?is a legal document created when someone purchases real estate in a trust deed state, such as California (check your local laws to see what is required in your state). A trust deed is used in place of a mortgage.

This 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 [ ...

A simple example would be the situation in which one member of a family advances money to another and asks the second member to hold the money or to invest it for him. A more complicated example of an implied trust would be the situation in which one party provides money to another for the purchase of property.

A deed of trust involves three parties: a lender, a borrower, and a trustee. The lender gives the borrower money. In exchange, the borrower gives the lender one or more promissory notes.

The deed of trust is what secures the promissory note. The promissory note includes the interest rate, the payment amounts and terms, and the buyer's promise to pay the lender the amount borrowed plus interest.

Ing to the term of a trust instrument, it can be defined into different types. For example: Inter Vivo trust is created when the settlor is alive. Testamentary trust is usually created through the terms of a settlor's will and goes into effect after the death of the settlor.

If your circumstances change any you are no longer able to make your payments, your Trust Deed may fail and you will still be liable for your debts or even forced into bankruptcy.

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District of Columbia Trustee's Deed and Assignment for Distributing Properties Out of Trust