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A Utah deed of trust is a legal instrument that temporarily assigns an interest in real estate to a trustee until the owner settles their financial obligation to a lender.
A deed of trust involves three parties: (1) the trustor, who is the person who received the loan, (2) the beneficiary, who is the person who loaned the money to the trustor, and (3) the trustee, who is the person that released the loan once it has been paid off.
Regarding real property transferred into trust, the deed of transfer requires recitation of the name and address of the trustee, and the name and date of the trust ( 75-7-816). Alternately, the trust instrument, signed by the grantor, may be recorded in the appropriate county recorder's office.
Responsibly Administer the Trust In general, the trustee must administer the trust in a prudent manner. The trustee is responsible for protecting trust property, enforcing claims that the trust has against other persons, keeping appropriate records and incurring only reasonable costs.
In a deed of trust, the borrower is called the trustor and the lender is the beneficiary. The trustee holds title to the property until the trustor has fully repaid the loan to the beneficiary, at which time the lender notifies the trustee, who then transfers full title of the property to the trustor.