Deed Of Trust Records With Future Advance Clause In Harris
State:
Multi-State
County:
Harris
Control #:
US-00183
Format:
Word;
Rich Text
Instant download
Description
The Deed of Trust Modification Agreement with a future advance clause in Harris is a legal document essential for modifying existing mortgage or deed of trust agreements. This form allows the Borrower and Co-grantor to document changes related to the security instrument, including renewal and extension of the lien to secure new debt. It outlines important details, such as payment terms, rights related to default, and obligations of multiple parties involved. The key feature of this agreement is its ability to facilitate future advances, thereby enabling the Borrower to secure additional finances based on the existing collateral. Fillers must accurately input all personal and property information, ensuring compliance with local recording requirements. This form is particularly useful for attorneys, partners, and paralegals who manage real estate transactions, as well as owners seeking to secure additional funding without losing rights to their property. Legal assistants may also find this form vital when collecting information and preparing documents for modification processes.
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FAQ
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.
A deed of trust can benefit the lender because it allows for a faster and simpler way to foreclose on a home — typically months or even years faster.
The parties agree and acknowledge that the Secured Party, although under no obligation, may advance the Debtor additional funds from time to time. The future advances shall become secured pursuant to the terms and conditions as contained herein. Future Advance.
