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  • Il Notice Default Election Sell Deed Trust

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RECORDING REOUESTED BY WHEN RECORDED MAIL TO Name Street Address City & State TITLE ORDER NO. LOAN NO. T.S. NO. OTHER REF. SPACE ABOVE THIS LINE FOR RECORDER'S USE COMPUTER NO. T.S. NO. NOTICE.

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A mortgage or deed of trust is an agreement in which a borrower puts up title to real estate as security (collateral) for a loan. People often refer to a home loan as a "mortgage." But a mortgage isn't a loan agreement. The promissory note promises to repay the amount you borrowed to buy a home.

The way it differs from a TOD deed is that a living trust can be used for any type of asset, not just real estate. So if you have stocks, savings accounts, valuable belongings, or other assets that you want to transfer to someone after your death, a living trust is a way to do it.

A Trustee's Deed is a conveyance from the trustee of a certain trust, to another individual or entity. Both a Deed in Trust and a Trustee's Deed can be either a Quit Claim Deed, or a Warranty Deed.

Illinois allows the use of both a deed of trust and a mortgage. Illinois is a lien-theory state. Mortgages are considered to be liens against the property and the vast majority of the liens in Illinois are mortgages.

To put simply, the deed is the legal document that proves who holds title to a property, while a mortgage is an agreement between a financial lender and borrower to repay the amount borrowed to purchase a home.

It's used to secure real estate transactions where money needs to be borrowed in order for property to be purchased. A Deed of Trust can be thought of similarly to a mortgage, and some states use them instead of traditional mortgages.

What Is A Deed Of Trust? A deed of trust is an agreement between a home buyer and a lender at the closing of a property. The agreement states that the home buyer will repay the home loan and the mortgage lender will hold the property's legal title until the loan is paid in full.

A mortgage involves only two parties: the borrower and the lender. A deed of trust has a borrower, lender and a “trustee.” The trustee is a neutral third party that holds the title to a property until the loan is completely paid off by the borrower.

The main difference between a deed and a deed of trust is that a deed is a transfer of ownership, while a deed of trust is a security interest. A deed of trust is used to secure a loan, while a deed is used to transfer ownership of a property.

The trust deed represents an agreement between the borrower and a lender to have the property held in trust by a neutral and independent third party until the loan is paid off.

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© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232
Form Packages
Adoption
Bankruptcy
Contractors
Divorce
Home Sales
Employment
Identity Theft
Incorporation
Landlord Tenant
Living Trust
Name Change
Personal Planning
Small Business
Wills & Estates
Packages A-Z
Form Categories
Affidavits
Bankruptcy
Bill of Sale
Corporate - LLC
Divorce
Employment
Identity Theft
Internet Technology
Landlord Tenant
Living Wills
Name Change
Power of Attorney
Real Estate
Small Estates
Wills
All Forms
Forms A-Z
Form Library
Customer Service
Terms of Service
DMCA Policy
About Us
Blog
Affiliates
Contact Us
Privacy Notice
Delete My Account
Site Map
All Forms
Search all Forms
Industries
Forms in Spanish
Localized Forms
Legal Guides
Real Estate Handbook
All Guides
Prepared for You
Notarize
Incorporation services
Our Customers
For Consumers
For Small Business
For Attorneys
Our Sites
US Legal Forms
USLegal
FormsPass
pdfFiller
signNow
airSlate workflows
DocHub
Instapage
Social Media
Call us now toll free:
1-877-389-0141
As seen in:
  • USA Today logo picture
  • CBC News logo picture
  • LA Times logo picture
  • The Washington Post logo picture
  • AP logo picture
  • Forbes logo picture
© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232