A Rhode Island Deed of Trust — Assignment refers to the legal document that transfers the beneficial interest in a specific property from one party to another. This assignment requires the original beneficiary to transfer their rights, title, and interest in the trust to a new designated party. The assigned party then assumes the role of the beneficiary, responsible for collecting payments, managing the property, and enforcing the terms of the deed of trust. Rhode Island offers various types of Deed of Trust — Assignment, depending on the specific circumstances and parties involved. Some common types include: 1. Private-party Assignment: In this type of assignment, a private individual or entity transfers their beneficial interest to another private individual or entity. It is a legal contract between the parties involved, usually executed through a written agreement. 2. Mortgage Company Assignment: When a mortgage company assigns its beneficial interest in a property to another entity, it is a Mortgage Company Assignment. This often occurs when the mortgage company sells or transfers the loan or assigns the servicing rights to another company. 3. Third-party Assignment: This type of assignment involves a party other than the original beneficiary and the borrower. It could be another individual, a trust, or an investment company. The third party acquires the beneficial interest through an assignment agreement. 4. Assignment in Lieu of Foreclosure: When a borrower is facing foreclosure, sometimes the lender may agree to an Assignment in Lieu of Foreclosure. In such cases, the borrower assigns the property and its related debt to the lender, avoiding the lengthy foreclosure process. 5. Assignment of Rents: In some cases, a lender may require an Assignment of Rents, in addition to the Deed of Trust — Assignment. This document allows the lender to collect and apply the rental income from the property towards the outstanding debt if the borrower defaults. Overall, a Rhode Island Deed of Trust — Assignment is a crucial legal instrument that allows the transfer of beneficial interest in a property from one party to another. It is essential to consult with a qualified attorney or real estate professional to ensure the assignment adheres to all relevant laws and regulations.
Rhode Island Deed of Trust - Assignment
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How to fill out Rhode Island Deed Of Trust - Assignment?
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FAQ
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.
Rhode Island does NOT record by county. Recordings are to be sent to the appropriate City or Town recording office of the PROPERTY ADDRESS. All documents are returned immediately upon recording. If you are mailing in your document, please send to Property Records 43 Broadway Newport, R.I.
Deeds of Trust are not used in Rhode Island. If it did not contain the necessary statutory power of sale delineated in Rhode Island General Laws, Section 34-11-22, it could not be foreclosed by non-judicial foreclosure.
In the State of Rhode Island, land records can be searched by using the City/Town's recording office (about half of the towns have this accessibility for online search) and usually entering the Last Name of the Owner or the Book/Page numbers.
The main difference between a deed and a deed of trust is that a deed is a transfer of ownership, while a deed of trust is a security interest. A deed of trust is used to secure a loan, while a deed is used to transfer ownership of a property.
Documents related to the ownership of real estate within the district are recorded at each individual municipality. Recorded documents are assigned a sequential identifying number (known as the book and page number) and are then scanned into the municipality's computer system.
Recording Fees Type of DocumentFeeQuitclaim Deed$80.00*Recording Fees (Rhode Island Habitat Restoration Team) (Rhode Island General Laws 34-13-7)ADD *$4.00Tax Certificate (Rhode Island General Laws 44-7-11)$8.00Warranty Deed$80.00*24 more rows
Recording Requirements § 34-11-1: A quitclaim deed in Rhode Island is submitted for filing with the Recorder of Deeds in the city or town where the property is located. There is no county-level recording in Rhode Island.
