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A mortgage involves only two parties: the borrower and the lender. A deed of trust has a borrower, lender and a ?trustee.? The trustee is a neutral third party that holds the title to a property until the loan is completely paid off by the borrower.
Under Utah law, a quitclaim deed only transfers whatever rights the grantor has to the property. If the grantor has no rights to the property, then no rights are transferred by a quitclaim deed. If the grantor has valid title rights to the property, then those rights are legally transferred to the grantee.
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.
If it turns out that the grantor did not have clear title, the grantee cannot sue the grantor for breaching a warranty of title. In Utah, a quit claim deed form is authorized by Utah Code § 57-1-13, which provides a suggested vesting language for the vesting paragraph of the quitclaim deed form.
Release of security interest. "Revolving credit line" means an agreement between the borrower and a secured lender who agrees to loan the borrower money on a continuing basis so long as the outstanding principal amount owed by the borrower does not exceed a specified amount.
Utah is known as a Trust Deed and Promissory Note state. There are references to a foreclosure being allowed under the law, typically in a Contract for Deed transaction but this is certainly not the standard.
A special warranty deed form is defined by its warranty of title. In Utah, the warranty of title is defined by Utah Code § 57-1-12.5 to include the following covenants: That the property is free from all ?encumbrances? (mortgages, liens, etc.) made by the grantor other than those disclosed in the deed; and.
The cooling-off rule: If you buy something at your home, workplace, dorm, or at a short-term business place like a convention or hotel room rented by the seller, you get 3 days after the sale to cancel it. But, not if the entire sale is done over the phone or by mail. And, not if the price is less than $25.00.