US Legal Forms
Change or Modification Agreement of Deed of Trust

Change Deed To Trust In Maricopa

Q: Where do I file a beneficiary deed in Maricopa County?

Beneficiary deeds are filed in the Maricopa County Recorder&#039;s Office.

Category:

Real Estate - Mortgages and Deeds of Trust

State:

Multi-State

County:

Maricopa

Control #:

US-00183

Format:

Instant download

Description

The Change Deed to Trust in Maricopa is a legal document designed to modify existing mortgage or deed of trust agreements between borrowers and lenders. This Modification Agreement is crucial for changing the terms of the original Security Instrument, allowing the borrower to extend or renew the loan terms. Key features of this form include sections that cover loan payment terms, renewal and extension of lien, and borrower responsibilities, providing clarity on payment schedules, interest rates, and penalties for late payments. Filling out the form requires precise entry of details such as the original loan amount, property addresses, and specific dates. Editing instructions should focus on ensuring the accurate adaptation of the existing agreement to reflect new terms without altering the essential elements of the original security interest. Use cases for this document are particularly relevant for attorneys, partners, and paralegals who are involved in real estate transactions, planning modifications to existing loans, and ensuring compliance with local laws in Maricopa. Legal assistants and associates can utilize this form as part of their document preparation tasks when clients seek to renegotiate loan terms or restructure their mortgage agreements. Overall, this form serves a vital role in facilitating modifications to existing trust deeds, thus supporting effective financial management for property owners.

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FAQ

Transferring a property into a living trust does not typically affect its assessed value. In fact, California law explicitly states that property taxes will not be reassessed if a house is transferred into a revocable trust 3.

Example Scenario Obtain the Current Deed: Get a copy of your existing deed from the county recorder's office. Prepare a New Deed: Draft a grant deed transferring the property to “John Doe, as Trustee of The John Doe Living Trust, dated January 1, 2024.” Notarize the Deed: Sign the new deed before a notary public.

Here is the rough outline: Select the trust that is best suited to your needs, such as a revocable living trust. Draft a trust deed and have it notarized so that it is legally binding. Record the deed at the county recorder's office. Notify the relevant parties, such as your mortgage lender and insurance provider.

One disadvantage of placing your house in a trust is the loss of direct ownership. Transferring your property to a revocable living trust makes the trust the legal owner. While you retain control as the trustee, this change in ownership may affect your ability to mortgage or refinance the property.

"Trust deed" or "deed of trust" means a deed executed in conformity with this chapter and conveying trust property to a trustee or trustees qualified under section 33-803 to secure the performance of a contract or contracts, other than a trust deed which encumbers in whole or in part trust property located in Arizona ...

You will need to record a deed to either change the name or ownership. The deed will need to contain the complete legal description of the parcel you wish to convey. We recommend you have the deed notarized prior to recording it with the county recorder's office.

➢ Beneficiary deeds are filed in the Maricopa County Recorder's Office.

For the corrective deed to be valid, all parties who signed the erroneous deed must sign the corrective deed in the presence of a notarial official. If the grantor is married, Arizona requires that both spouses sign the deed (A.R.S. 33-452).

The grantor, or the current property owner, must sign the deed in the presence of a notary public. The grantor must also formally transfer the property from their name to the trust's name. This step solidifies the legal transfer and ensures that the living trust holds the property.