Debtor is obligated to pay the secured party attorneys fees. In consideration of the indebtedness, debtor conveys and warrants to trustee certain property described in the land deed of trust.
Guam Land Deed of Trust refers to a legal document that plays a significant role in property transactions on the island of Guam. It is a type of mortgage instrument commonly used to secure loans or other financial obligations related to real estate on the island. A Guam Land Deed of Trust serves as a security agreement between a borrower (the trust or) and a lender (the trustee). The trust or pledges their property as collateral to secure the loan, giving the trustee the legal right to hold the property title until the debt is repaid in full. This ensures that the lender has a claim on the property in case of loan default. There are several types of Guam Land Deed of Trust that can be used based on the specific requirements of the transaction: 1. Purchase Money Deed of Trust: This type of deed is commonly used in real estate purchases. When a buyer secures financing from a lender for purchasing a property, the lender places a lien on the property through a land deed of trust until the loan is paid off. 2. Refinance Deed of Trust: In the event of refinancing an existing mortgage, a refinancing deed of trust is used. This allows the new lender to replace the old loan on the property, typically in order to obtain better terms or interest rates. 3. Home Equity Deed of Trust: When homeowners seek to tap into the equity in their property for financing purposes, such as home improvements or debt consolidation, a home equity deed of trust is utilized. This allows the lender to secure the loan using the property's equity. 4. Construction Deed of Trust: For new construction or major renovation projects, a construction deed of trust is utilized. It provides security to the lender during the construction process, ensuring that the property is completed as intended. 5. Second Mortgage Deed of Trust: This type of deed of trust is commonly referred to as a "second lien" or a "second trust deed" since it is subordinate to the first mortgage. It allows homeowners to borrow additional funds against their property, while the first mortgage lender retains priority. 6. Assignment of Rents Deed of Trust: In commercial real estate transactions, an assignment of rents deed of trust is used when rental income from a property is assigned to the lender as additional security for the loan. It is important to note that the specific details and legal requirements of a Guam Land Deed of Trust may vary, and it is advisable to consult with a local attorney or real estate professional to ensure compliance with the Guam laws and regulations.
