US Legal Forms
Change or Modification Agreement of Deed of Trust

Deed Of Trust With Promissory Note In Utah

Category:

Real Estate - Mortgages and Deeds of Trust

State:

Multi-State

Control #:

US-00183

Format:

Instant download

Description

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.

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FAQ

An assignment in a deed of trust is a legal transfer of the lender's interest in the security instrument (the deed of trust) to a new party (the assignee). The assignor (current lender) transfers all rights, title, and interest in the deed of trust to the assignee, who becomes the new lender of record.

The property that secures a note is called collateral, which can be either real estate or personal property. A promissory note secured by collateral will need a second document. If the collateral is real property, there will be either a mortgage or a deed of trust.

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.

Unlike a deed of trust or mortgage, the promissory note is typically not recorded in the county land records (except in a few states like Florida). Instead, the lender holds on to this document until the amount borrowed is repaid.

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.

Both a deed of trust and a promissory note might outline similar information, but they are separate documents that are signed for the benefit of different parties. In a deed of trust, there are three parties involved: the lender, the borrower, and the third-party trustee.

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Utah Promissory Note Used to document a loan made between two (2) parties. Download: PDF, Word (.Deeds of trust are used in conjunction with promissory notes. Also, most people who take out a loan to buy a residential property in Utah sign a promissory note and a deed of trust, which is similar to a mortgage. Banks use assignments and endorsements to transfer mortgages, deeds of trust, and promissory notes to other banks. Parties Involved In A Deed Of Trust. A trust deed is always used together with a promissory note (also called "prom note") that sets out the amount and terms of the loan. About Utah Promissory Notes. In Utah, a promissory note is a written legal document establishing a lending agreement between a borrower and a creditor. To obtain a deed of trust, the trustor must give the beneficiary one or more promissory notes.

Deed Of Trust With Promissory Note In Utah

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FAQ

What is the assignment of promissory note and deed of trust?

Can a promissory note be secured by real property?

What is the difference between a promissory note and a contract for deed?

Does a promissory note need to be recorded?

What is included in the deed of trust?

Is a promissory note a deed of trust?

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