Debtor is obligated to pay the secured party attorneys fees. In consideration of the indebtedness, debtor conveys and warrants to trustee certain property described in the land deed of trust.
The Iowa Land Deed of Trust is a legal document that plays a significant role in real estate transactions within the state of Iowa. It serves as a security instrument, outlining the terms and conditions of a loan agreement between a borrower (trust or) and a lender (beneficiary) for the purpose of purchasing or refinancing real property. In Iowa, there are primarily two types of Land Deed of Trust: 1. Purchase Money Deed of Trust: This type of deed of trust is used when the property is being acquired through a traditional purchase transaction. The buyer typically obtains financing from a lender and grants a deed of trust to secure the loan. The lender becomes the beneficiary of the trust, holding a lien on the property until the loan is repaid in full. 2. Deed of Trust with a Lien Priority: This type of land deed of trust is commonly used when refinancing an existing loan or obtaining a subsequent loan against a property. In such cases, the original deed of trust remains in place, and the new loan is structured as a junior lien. This means that the new lender acknowledges the existence of the first loan but claims second priority in case of default. The Iowa Land Deed of Trust typically includes the following key elements: 1. Identification of Parties: It identifies the borrower (trust or), the lender (beneficiary), and, if applicable, a trustee who holds legal title to the property on behalf of the lender until the loan is repaid. 2. Property Description: It provides a detailed legal description of the property being used as collateral for the loan. 3. Terms and Conditions: It outlines the specific terms and conditions of the loan, including the loan amount, interest rate, repayment schedule, and any other relevant provisions governing the loan. 4. Default and Foreclosure Process: It explains the consequences of default, including the lender's right to initiate foreclosure proceedings and sell the property to recover the outstanding loan amount. 5. Trustee's Powers and Duties: If a trustee is involved, the deed of trust may detail their powers and duties in administering the foreclosure process should it become necessary. It is essential for all parties involved in a real estate transaction in Iowa to thoroughly understand the Iowa Land Deed of Trust and seek legal advice if necessary to ensure compliance and protection of their respective rights and interests.
