Deed of Trust
What is A Deed of Trust?
Understanding what a Deed of Trust is and what is involved in securing one is critical when you want to obtain a piece of property in certain states, such as California. Essentially the document is a record that details the property in question, as well as the loan details being used to finance the property. As such, it contains records of the lender and the borrower, and is typically held by a third party for security purposes.
A Deed of Trust is utilized in some states within the United States in lieu of a mortgage. Whereas a mortgage is typically between the borrower and the lender, the Deed of Trust system involves a third party, referred to as a trustee. The trustee holds onto the Deed of Trust until the loan is paid in full. At that point in time, the Deed of Trust is transferred to the owner of the property in an altered form, which is known as a Deed of Release. This indicates the buyer has paid for the property in full and satisfied the conditions of the loan. The Deed of Trust paperwork will usually indicate this as well with a stamp or note saying, “Paid in Full.”
For assistance with completing Deed of Trust paperwork and/or a Deed of Trust filing, contact the team at We the People. We have been helping individuals progress through the often lengthy and difficult to comprehend legalistic nuances of a Deed of Trust for over 25 years. In order to fully comprehend the document and complete it correctly to save time, money and stress, seek the best advice available. We the People offers low cost, accurate, legal document preparation, along with our expert advice.
Visit our store directory to find a location near you and get the help you need to complete Deed of Trust paperwork. Make an appointment today.
The Deed of Trust Paperwork: A Closer Look
A Deed of Trust contains a wide range of information related to the property and the loan that has been issued. These details include:
• Description of the property
• Legal details of the borrower and the lender
• The amount of the loan
• The beginning date of the loan and the maturity date
• The interest rate on the loan
• Details of late fees or penalties that may be issued
• Additional legal provisions as determined during the process
Understanding the Deed of Trust paperwork is important, because if you should miss a payment, you may be subject to penalties, late fees, and other legal ramifications. That’s why you need someone with experience and knowledge to explain fully what the provisions of that Deed of Trust paperwork are.
If you are going to be filing a Deed of Trust or need help completing Deed of Trust paperwork, contact We the People today. Visit our store directory to find an office near you. Make an appointment today.