Deed to Trustee
What is the purpose of a trustee deed?
If you have applied for a loan, you will have to provide a security. This can be your business or gold or any valuable thing. The value of this security should greater than the amount you want to borrow. These days most of the people are using their property as security. Some have an extra vacant land, some have a second house and others use the house they live in for this purpose. When you give such an expensive item for security, you will have to be sure that it will be safe and will be given back to you after you have paid the loan back. In the same way the lender needs to ensure that he will get control of the property if you fail to pay back the loan.
Keeping in mind the concerns of both the parties, the security is given to a neutral party referred to as the trustee. When the borrower has paid back or has failed to pay, the property is transfer to one of the parties.
To keep the security under the control of a trustee, a trustee deed is prepared and signed by all the parties. Borrower is still the equity owner of the property. To make sure that the transfer is done properly, the legal document involves all sorts of terms that safeguard the interest of all parties. You can check some samples online to ensure that the document you are about to sign is accurate. Or you can hire an expert.
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