This form is a deed of trust modification. It is to be entered into by a borrower, co-grantor, and the lender. The agreement modifies the mortgage or deed of trust to secure a debt described within the agreement. Other provisions include: renewal and extension of the lien, co-grantor liability, and note payment terms.
Deed Of Trust Records With Future Advance Clause In Dallas
State:
Multi-State
County:
Dallas
Control #:
US-00183
Format:
Word;
Rich Text
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FAQ
You do not have to record the deed to make the transfer valid between the parties. However, as described above, the grantee will want to record the deed as soon as possible after receiving delivery.
The deed of trust must then be recorded with the county where the property is located, and each of the parties (the trustor, trustee, and lender) should keep a copy of the recorded document.
The granting clause grants the property with its related rights and appurtenances, beginning with “grants, sells, and conveys.” The habendum clause defines the extent of property ownership conveyed to the grantee, beginning with “to have and to hold.” The warranty clause describes the warranties of title made by the ...
(b) A sale of real property under a power of sale in a mortgage or deed of trust that creates a real property lien must be made not later than four years after the day the cause of action accrues.
So, put simply, if your deed was not recorded or you have discovered unrecorded deeds in your chain of title, there is no need to worry. The deeds themselves will still be valid and you can file correction instruments to correct any mistakes.
Texas doesn't require you to record your trust. As long as it's signed, notarized, and properly funded, it's valid.
Power of Sale Clause A power of sale provision is a significant element of a deed of trust, as it states the conditions when a trustee can sell the property on behalf of the beneficiary. Typically, this predicts when you will be delinquent on your mortgage.