Can I sell my home if I have a deed of trust?

Yes, you can sell a home with a Deed of Trust. However, just like a mortgage, if you're selling the home for less than you owe on it, you'll need approval from the lender.

US Legal Forms
Change or Modification Agreement of Deed of Trust

Deed Of Trust Records Without Promissory Note In Arizona

Category:

Real Estate - Mortgages and Deeds of Trust

State:

Multi-State

Control #:

US-00183

Format:

Instant download

Description

The Deed of Trust records without promissory note in Arizona serve as a vital legal document allowing for the modification of an existing deed of trust without a linked promissory note. This Modification Agreement outlines the responsibilities of both borrower and lender, particularly focusing on the renewal and extension of the lien to secure the debt. The agreement delineates borrower obligations, including renewal dates and interest terms, while addressing late payment penalties and default procedures. Key features include the co-grantor's non-obligation to the debt and the right to prepay without penalties. Filling instructions emphasize the necessity of accurately completing names, addresses, and amounts, ensuring all parties understand their responsibilities. This form is particularly useful for attorneys, partners, and associates who need a clear framework for securing debts against properties in Arizona without linking them to traditional promissory notes. Paralegals and legal assistants can utilize this form to streamline modifications, ensuring compliance with state regulations and protecting client interests efficiently.

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FAQ

When a deed of trust is used as a security instrument, who holds the deed and the note? The trustee holds the deed, and the lender holds the note.

Each document must have original signatures or carbon copies of original signatures, except when otherwise provided by law. DOCUMENT AND PRINT SIZE: Each document must be no larger than 8 1/2 inches wide by 14 inches long, and shall have a print size no smaller than ten point type.

You will usually be discharged after four years, but some trust deeds can last for longer. This information will be included in the terms of the trust deed. If the trust deed does not become protected, your discharge will only be binding on those creditors who agreed to the arrangement.

Yes, a trustee can go to jail for stealing from a trust. However, this will only occur if they are convicted of a crime in a criminal court. Under California law, stealing trust assets with a value of $950 or less is a misdemeanor with a maximum jail sentence of 6 months.

Recording Requirements Each document must have original signatures or carbon copies of original signatures, except when otherwise provided by law. Each document must be no larger than 8 1/2 inches wide by 14 inches long, and shall have a print size no smaller than ten point type.

Yes, you can sell a home with a Deed of Trust. However, just like a mortgage, if you're selling the home for less than you owe on it, you'll need approval from the lender.

Contact the County Recorders Office for the county in which the property is located. with any licensing boards overseeing the trade. Some records may be held at the Arizona State Archives.

In a deed of trust, the borrower (trustor) transfers the Property, in trust, to an independent third party (trustee) who holds conditional title on behalf of the lender or note holder (beneficiary) for the purpose of exercising the following powers: (1) to reconvey the deed of trust once the borrower satisfies all ...

✔ Public Record: Warranty deeds are recorded with the local government, making the transfer of ownership a matter of public record.