What is a trustee's deed on foreclosure?

A Trustee's Deed Upon Sale, also known as a Trustee's Deed Under Sale or a Trustee's Deed is a deed of foreclosure. This deed is prepared after a property's foreclosure sale and recorded in the county were the property is located.The property may be in default on taxes, have mechanic's liens and/or other encumbrances.

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Tennessee Substitute Trustee's Deed

Substitute Trustee Deed

Name: Tennessee Substitute Trustee's Deed
Brand: US Legal Forms
Price: 59.00 USD
Rating: 4.72 (460 reviews)

Category:

Tennessee Court Samples - Real Estate - Deeds

State:

Tennessee

Control #:

TN-E529

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Description Substitute Trustee Corporation

Substitute Trustee's Deed

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Trustee's Deed Other Form Names

Trustee's Deed Sample Trustees Deed What Is A Substitute Trustee Deed What Is A Substitute Trustee's Deed What Is A Trustee's Deed What Is A Trustees Deed

FAQ

A trustee is any type of person or organization that holds the legal title of an asset or group of assets for another person, referred to as the beneficiary. A trustee is granted this type of legal title through a trust, which is an agreement between two consenting parties.

The trustee will then issue a reconveyance deed, which gives the legal title of the property to you.Instead, the original trustee, or sometimes the loan servicing company, will appoint a new Substitute Trustee to handle the foreclosure. To do this, they must file an Appointment of Substitute Trustees.

A Trustee's Deed Upon Sale, also known as a Trustee's Deed Under Sale or a Trustee's Deed is a deed of foreclosure. This deed is prepared after a property's foreclosure sale and recorded in the county were the property is located.The property may be in default on taxes, have mechanic's liens and/or other encumbrances.

A warranty deed protects property owners from future claims that someone else actually owns a portion (or all) of their property, while trustee deeds protect lenders when borrowers default on their mortgage loans.

A trustee deedsometimes called a deed of trust or a trust deedis a legal document created when someone purchases real estate in a trust deed state, such as California (check your local laws to see what is required in your state). A trust deed is used in place of a mortgage.

Some states have laws governing who may or may not serve as a trustee in a deed of trust. Generally, the trustee must be an attorney, title insurance company, trust company, bank, savings and loan, credit union, or other company specifically authorized by law to serve as a trustee.

Tennessee is a deed of trust state. However, a mortgage is enforceable. The trustee must be a resident of Tennessee or a corporation domiciled in Tennessee. There is a reciprocal agreement in which a trustee can serve in Tennessee if the trustee's home state allows a Tennessee trustee to serve.

The We The People Promissory Note form is used to document that a borrower (the maker) agrees or promises to pay back money to a lender (the holder) according to specified terms. When used with a We The People Deed of Trust, the Promissory Note is secured with a lien on the real estate listed in the Deed of Trust.

The lender is the person or legal entity providing the loan to the borrower. The trustee is a neutral third-party who holds the legal title to a property until the borrower pays off the loan in full. They're called a trustee because they hold the property in trust for the lender.

Substitute Trustee Deed

Description Substitute Trustee Corporation

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FAQ

Who is trustee in trust?

What does substitute trustee's deed mean?

What is a trustee's deed on foreclosure?

Is a trustee's deed a warranty deed?

Which type of deed is used by a trustee?

Who can be a trustee in a deed of trust?

Who can be a trustee on a deed of trust in Tennessee?

Who is the maker on a deed of trust?

Can the lender and trustee be the same?

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