This form is a General Warranty Deed where the grantor(s) is/are an individual or individuals and the grantee is a trust.
This form is a General Warranty Deed where the grantor(s) is/are an individual or individuals and the grantee is a trust.
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Deeds of trusts are frequently used in Texas in real estate transactions to create an agreement such as a mortgage.
A deed is a legal document which transfers the ownership of a property from a seller to a buyer; whereas a deed of trust is a document or mortgage alternative in many states which does not transfer the property directly to the buyer but transfers it to a trustee or company which holds the title as security until the
This is required by the Texas Property Code. The borrower must own legal title to the property that is being pledged to secure the borrowed money.
Whilst you do not need a solicitor to prepare a Declaration of Trust, it is always advisable to seek professional advice. For many people, your home is your biggest asset and having a Declaration of Trust in place is the best way to protect your investment.
A Deed of Trust in Texas transfers title of real property in trust. It is the equivalent to a mortgage used in other states and provides a secured interest for a lender against real estate. It is often used as part of a real estate transaction that includes a Warranty Deed with a Vendor's Lien and a Promissory Note.
The Deed of Trust must be in writing, signed by the property owner, and filed in the County Clerk property records. The Deed of Trust should describe the loan amount, name a Trustee, and describe the collateral securing the loan. A correct legal description of the property is essential for a valid Deed of Trust.
A deed of trust is drafted by a solicitor, normally during the conveyancing process when buying, however you can draft a deed of trust after you purchase. You can only have a deed of trust to protect your money in a property if you hold it as tenants in common.
In Texas, a deed of trust, also known as a trust deed, is the commonly used instrument for the purpose of creating mortgage liens on real estate. A mortgage is an executed contract in which the legal or equitable owner of the real property pledges the title thereto as security for performance of an obligation.
You may obtain Texas land records, including deeds, from the county clerk in the Texas county in which the property is located. You can search online for a deed in some counties, or else request the deed from the clerk in person, by mail, phone, fax or email.