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 With Future Advance Clause In Utah
State:
Multi-State
Control #:
US-00183
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Word;
Rich Text
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FAQ
You transfer your home to the trust by signing a deed that names the trust as the new owner of the property. The deed then needs to be recorded with the local county recorder's office. Once recorded, the trust is now "on title" as the legal owner of the property.
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.
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.
Stop and Frisk in Utah Requires Reasonable Suspicion The additional step of patting down or frisking a person is a further intrusion which requires the additional justification that there must be a reasonable suspicion that the suspect may be armed and dangerous.
A conveyance made by an owner of an estate for life or years, purporting to convey a greater estate than the owner could lawfully transfer, does not work a forfeiture of the estate, but passes to the grantee all the estate which the grantor could lawfully transfer.
I The Marketable Record Title Act UCA 57-9 At least ten states have a marketable record title act. In order to make abstracts easier to prepare and less prone to error, claims to rights or interest in land that have been inactive for longer than the statutory period are cut off.
Notice of trustee's sale -- Description of property -- Time and place of sale. by mailing the notice, including the statement required under Subsection (3)(b), to the occupant of each dwelling unit on the property to be sold. The sale shall be held at the time and place designated in the notice of sale.
Deed of Trust Modification means, with respect to any Deed of Trust, a modification agreement entered into between the Borrower or the Project Owner, as applicable, and the Lender, modifying the terms and conditions of the Deed of Trust in order to (i) add to the lien of the Deed of Trust Additional Lots, or (ii) make ...