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 Oregon Land Deed of Trust is a legal document commonly used in the state of Oregon to secure a loan or mortgage used to purchase property. It serves as a type of security instrument that provides the lender with rights to the property in case the borrower defaults on the loan payments. A Land Deed of Trust is typically created when a borrower obtains financing from a lender to buy real estate. In this agreement, the borrower, also known as the trust or, transfers the title and legal interest of the property to a trustee (usually a title company or a third-party entity) until the loan is paid off entirely. The trustee holds the legal title to the property and acts as an intermediary between the lender and borrower. It is important to note that the Land Deed of Trust is a different type of document compared to a mortgage, which involves a two-party relationship between the borrower and lender without the involvement of a trustee. Unlike mortgages, Land Deeds of Trust allow for nonjudicial foreclosure processes, which generally offer a quicker and less costly method to address default cases in Oregon. There are different types of Oregon Land Deeds of Trust that borrowers and lenders may encounter based on their specific needs and circumstances. Some common types include: 1. Residential Land Deed of Trust: This type is used when an individual purchases a residential property, such as a house or a condominium, using a loan from a lender. 2. Commercial Land Deed of Trust: In cases where a borrower seeks financing for purchasing commercial real estate, such as office buildings, retail spaces, or warehouses, a commercial Land Deed of Trust is created. 3. Agricultural Land Deed of Trust: Farm and agricultural property purchases involving loans are secured by an agricultural Land Deed of Trust. These types of loans are specially designed to accommodate the unique financial needs of agricultural businesses. 4. Land Development Land Deed of Trust: When acquiring land for development purposes, whether residential or commercial, developers often utilize land development Land Deeds of Trust to secure the loans required throughout the development process. The Oregon Land Deed of Trust is a crucial legal instrument that protects the rights and interests of both lenders and borrowers during real estate transactions. Understanding the different types of Land Deeds of Trust available can assist individuals in selecting the appropriate one that aligns with their specific property needs and loan requirements.
