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.
A Land Deed of Trust is a legal document commonly used in Idaho to secure a loan or a mortgage on real estate property. It is also referred to as a Trust Deed or a Deed of Trust. This document acts as a lien on the property and provides security for the lender in case the borrower defaults on the loan. In Idaho, there are primarily two types of Land Deeds of Trust — the Idaho Deed of Trust and the Wraparound Deed of Trust. 1. Idaho Deed of Trust: This is the most commonly used type of Land Deed of Trust in Idaho. It involves three parties — the borrower (also called the trustor), the lender (also called the beneficiary), and a neutral third-party known as the trustee. The borrower conveys the property's title to the trustee, who holds it as security on behalf of the lender until the loan is paid off. Once the loan is repaid, the trustee reconveys the title back to the borrower. However, if the borrower defaults on the loan, the trustee has the authority to sell the property to recover the outstanding debt. 2. Wraparound Deed of Trust: The Wraparound Deed of Trust is a type of secondary financing where the borrower obtains a loan that wraps around an existing loan. This means that the borrower creates a new deed of trust that includes the unpaid balance of the original loan, along with the additional amount borrowed. This allows the borrower to have a single loan with combined payments. However, it is important to note that the lender holding the original loan must agree to the wraparound arrangement. Land Deeds of Trust in Idaho are typically recorded in the county where the property is located. This recording ensures that the trust is a matter of public record and provides notice to other potential lenders that the property is already encumbered. The Land Deed of Trust is an important legal tool that helps protect the interests of both borrowers and lenders in Idaho. It provides lenders with a secure means of loan repayment and borrowers with the opportunity to finance their real estate purchases. It is crucial for all parties involved to understand the terms and conditions outlined in the Land Deed of Trust to ensure a smooth real estate transaction in Idaho.
