Maryland Deed of Trust
Description
How to fill out Maryland Deed Of Trust?
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FAQ
Under Maryland Real Property §7-105 and Maryland Rule 14-214(b)(2), corporate trustees may not exercise the power of sale. An individual (i.e., a natural person) appointed as trustee in a deed of trust or as a substitute trustee shall conduct the sale of property subject to a deed of trust.
A deed of trust acts as an agreement between youthe homebuyerand your lender. It states not just that you'll repay the loan, but that a third party called the trustee will hold legal title to the property until you do. A deed of trust is the security for your loan, and it's recorded in the public records.
The following states may use either Mortgage Agreements or Deed of Trusts: Colorado, Idaho, Illinois, Iowa, Maryland, Montana, Nebraska, Oklahoma, Oregon, Tennessee, Texas, Utah, Wyoming, Washington, and West Virginia.
As you stated in your question, it is recorded among the land records, and your lender keeps the original. When you pay off the loan, the lender will return the deed of trust with the promissory note. This document is rather lengthy and quite legalistic.