Rearrange Pages In Legal Texas Satisfaction Of Mortgage Forms For Free

Definition of 'Master Mortgage' The Master Mortgage is a document created when a property is purchased for the first time. It is filed in the public land records and its purpose is to keep track of the initial mortgage and of any liens that might be associated with the property.

There are a variety of deeds that are recognized in Texas, but the four most common deeds seen are general warranty deeds, special warranty deeds, no warranty deeds, and quitclaims. If you need a deed drafted or have any questions regarding these deeds or any other real property conveyance tools, please contact us.

The Mortgage or Deed of Trust is a legal document in which the borrower transfers the title to a third party (trustee) to hold as security for the lender. When the loan is paid in full the trustee transfers the title back to the borrower.

A mortgage involves two parties, while a deed of trust has three, and. mortgages are usually foreclosed judicially, while deeds of trust typically go through a nonjudicial foreclosure process (but not always).

Promissory notes, also known as mortgage notes, are written agreements in which a borrower promises to pay the lender a certain amount of money at a later date. Banks and borrowers typically agree to these notes during the mortgage process.

Mortgage Deed of Trust Although a Deed of Trust is similar to a Mortgage, which is used in other states, it is not a Mortgage. Good to know: Texas does not use mortgages. Instead, Texas uses Deeds of Trust. The document is referred to as a Deed of Trust because there is a Trustee named for the property.