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. A deed of trust is a legal document that is the security for a real estate loan.The Deed of Trust is the document that grants the lender the rights to take the property if the loan is not repaid. In a deed of trust, the borrower (trustor) transfers the Property, in trust, to an independent third party. (trustee) who holds conditional title on behalf of. I'm just going to take you through the exact process of how to fill out a deed of trust exactly and you can see what I mean it's very straight forward. The deed of trust is a separate document which does not establish personal liability, but rather establishes real estate as collateral for the loan.