Rhode Island Trustee's Deed and Assignment for Distribution of Trust, Oil and Gas Properties

State:
Multi-State
Control #:
US-OG-056
Format:
Word; 
Rich Text
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Description

If interests have been conveyed to a trust and the Trustee is prepared to distribute those interests to the beneficiaries named in the trust, this form addresses that situation.
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FAQ

A Rhode Island deed of trust conveys a property title from a person acquiring real estate financing to a ?trustee? as a means to secure a loan from the financier.

What Is Assignment in a Deed of Trust? 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.

The trust deed represents an agreement between the borrower and a lender to have the property held in trust by a neutral and independent third party until the loan is paid off.

A Grant Deed is an instrument that reflects a change in ownership of real property. A Deed of Trust is an instrument that secures a debt to real property.

With an irrevocable trust, the transfer of assets is permanent. So once the trust is created and assets are transferred, they generally can't be taken out again. You can still act as the trustee but you'd be limited to withdrawing money only on an as-needed basis to cover necessary expenses.

A trust deed is a legal document that sets out the rules for establishing and operating your fund. It includes such things as the fund's objectives, who can be a member and whether benefits can be paid as a lump sum or income stream. The trust deed and super laws together form the fund's governing rules.

Execution of Documents: All Deeds, Documents etc. shall be executed by the Managing Trustee, Joint Managing Trustee and Deputy Managing Trustee jointly representing the Trust.

A Rhode Island quit claim deed is a legal document that transfers a property title to a new owner (the ?grantee?) with a guarantee that the title has not been encumbered during the grantor's ownership period, but not that of previous owners.

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Rhode Island Trustee's Deed and Assignment for Distribution of Trust, Oil and Gas Properties