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 Without Promissory Note In Philadelphia
State:
Multi-State
County:
Philadelphia
Control #:
US-00183
Format:
Word;
Rich Text
Instant download
Description
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FAQ
The deed must have a minimum 10-point font and one-inch margins on all pages. The deed must identify the municipality and county where the real estate property is located. The deed must include a notary's acknowledgment for any signature on it. The deed must include relevant information about any transfer taxes due.
The deed must meet the format and content requirements in Pennsylvania law. It should specify the grantor, grantee, and property details. The property description must be legally sufficient - a real estate lawyer in Philadelphia can research the prior deeds and draft an accurate description.
There are state-mandated requirements for how a deed is to be presented. This includes the format, specific locational information, and notary acknowledgments. The Recorder of Deeds will also collect any transfer taxes.
For a deed to be legal, it must state the name of the buyer and the seller, describe the property being transferred, and include the signature of the party transferring the property.
The deed must meet the format and content requirements in Pennsylvania law. It should specify the grantor, grantee, and property details. The property description must be legally sufficient - a real estate lawyer in Philadelphia can research the prior deeds and draft an accurate description.
Example: When used in a real estate transaction, the promissory note covers the promise to repay the amount owed, interest, and maturity date — while the deed of trust or mortgage outlines the other responsibilities of the parties involved more precisely.
Yes. But it is usually a good idea to have someone with certain expertise in the field such as an attorney or title company prepare it for you to make sure it's correct.
A real estate lawyer assists in preparing the new deed, ensuring it's signed before a notary public, recording it with the county's Recorder of Deeds office, paying any applicable fees, and obtaining a copy of the recorded deed.
A deed of trust will include the same type of information stated in a mortgage document, such as: The identities of the borrower, lender, and trustee. A full description of the property to be placed in trust. Any restrictions or requirements on the use of the property while it is in trust.
To add, remove, or change a name on a deed, have a lawyer, title company, or other real estate professional prepare the deed. Then, record the new deed with the Department of Records. Note: We recommend that you do not prepare a deed on your own.
More info
A Deed of Trust is typically used in combination with a Promissory Note or Mortgage Agreement which sets out the amount and terms of the loan agreement. Businesses can also record documents, and have the option to record documents electronically.Once a loan has been completely paid, the promissory note will be marked "paid in full. " Additionally, the deed will be returned to the buyer. To execute a Deed of Trust properly, the parties need to sign in the presence of a notary public. In a home loan transaction, the lender commonly requires the borrower to sign a mortgage or a deed of trust, along with a promissory note. A promissory note need only be signed and does not require an acknowledgement before a notary public to be valid. When to Use a Promissory Note. These documents must be filed with the county clerk or recorder, and the lender typically sends them to the recording office after the property closing. However, if you are considering selling a house in a trust, it does not have to be the stuff of nightmares.