How to Prepare a Deed of Trust (Real Estate Seller Financing Tutorial)
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8 سال پیش
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Get started on your Deed
Get started on your Deed of Trust with Rocket Lawyer at: https://retipster.com/go/deedoftrust/...
See the full blog post at: https://retipster.com/deed-of-trust-c...
When selling a property with owner financing, several different loan instruments can be used to close the real estate transaction. One such option is the Deed of Trust (also known as a Trust Deed in some states).
A Deed of Trust is a seller financing instrument that technically involves three parties:
- The Buyer (Borrower)
- The Seller (Lender)
- The Trustee
The Deed of Trust isn't recognized in all 50 states. Still, in the states where it is recognized, it will typically allow the Trustee (which is usually designated as a title company, attorney, or loan servicing company) to handle the entire foreclosure process out of court - which is known as non-judicial foreclosure. They can save a great deal of time and hassle by avoiding an even longer and more expensive court procedure.
To take advantage of the non-judicial foreclosure option (in the states where it is allowed), the Deed of Trust needs to include the proper "Power of Sale" language within the document.
Most people choose to hire an attorney or title company to help them prepare the Deed of Trust documentation, but if you choose to prepare the document yourself, you'll have to get the appropriate template for your state and complete it with all the pertinent details.
Luckily, services like RocketLawyer (linked above) have made this process easy. This video explains how it works.
Once you've completed your form, I recommend you take a few minutes and read through this document very carefully. Every state has differences in how this form is written, and as a general rule, it's important to understand exactly what you and the other party are agreeing to.
Note: I have had a great experience with Rocket Lawyer, but your experience may vary. The link above is an affiliate link, and at no additional cost, I will earn a commission if you decide to purchase this particular tool/service. I recommend this resource because it is helpful and useful, not because of the small commission I make if you decide to pay for it. Please do not spend your money on this unless you feel it will help you achieve your goals. #rocketlawyer #realestate #retipster #sellerfinancing #ownerfinancing #realestateinvesting
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See the full blog post at: https://retipster.com/deed-of-trust-c...
When selling a property with owner financing, several different loan instruments can be used to close the real estate transaction. One such option is the Deed of Trust (also known as a Trust Deed in some states).
A Deed of Trust is a seller financing instrument that technically involves three parties:
- The Buyer (Borrower)
- The Seller (Lender)
- The Trustee
The Deed of Trust isn't recognized in all 50 states. Still, in the states where it is recognized, it will typically allow the Trustee (which is usually designated as a title company, attorney, or loan servicing company) to handle the entire foreclosure process out of court - which is known as non-judicial foreclosure. They can save a great deal of time and hassle by avoiding an even longer and more expensive court procedure.
To take advantage of the non-judicial foreclosure option (in the states where it is allowed), the Deed of Trust needs to include the proper "Power of Sale" language within the document.
Most people choose to hire an attorney or title company to help them prepare the Deed of Trust documentation, but if you choose to prepare the document yourself, you'll have to get the appropriate template for your state and complete it with all the pertinent details.
Luckily, services like RocketLawyer (linked above) have made this process easy. This video explains how it works.
Once you've completed your form, I recommend you take a few minutes and read through this document very carefully. Every state has differences in how this form is written, and as a general rule, it's important to understand exactly what you and the other party are agreeing to.
Note: I have had a great experience with Rocket Lawyer, but your experience may vary. The link above is an affiliate link, and at no additional cost, I will earn a commission if you decide to purchase this particular tool/service. I recommend this resource because it is helpful and useful, not because of the small commission I make if you decide to pay for it. Please do not spend your money on this unless you feel it will help you achieve your goals. #rocketlawyer #realestate #retipster #sellerfinancing #ownerfinancing #realestateinvesting
Join Our Community!
REtipster Forum: https://retipster.com/forum
REtipster Facebook Group: https://retipster.com/facebookgroup
Follow Along!
YouTube: https://retipster.com/youtube
Facebook: https://retipster.com/facebook
Instagram: https://retipster.com/instagram
Twitter: https://retipster.com/twitter
Pinterest: https://retipster.com/pinterest
LinkedIn: https://retipster.com/linkedin
TikTok: https://retipster.com/tiktok
8 سال پیش
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