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The thing that makes Montana different than any other state is that it has both mortgages and something called a ?trust indenture.? The ?Small Tract Financing Act of Montana? allows for a trust indenture on tracts of land that are no more 40 acres and, if your mortgage is less than $500,000, you may not need to have an ...
Montana is one of 15 states that does NOT have a real estate transfer tax, but, instead, parties to a Montana real estate transaction must file a Realty Transfer Certificate, required by Montana law.
States Using Deed of Trust In Alabama, Arizona, Arkansas, Illinois, Kentucky, Maryland, Michigan, Montana and South Dakota, the lender has the choice of either a mortgage or deed of trust. In any other state, you must have a mortgage.
Whenever property is sold or gifted, a deed must be executed by the person or entity transferring ownership, the ?grantor,? and recorded with the Clerk and Recorder in the county where the property is located. The grantor will also need to file a Realty Transfer Certificate and pay the recording fee ($8 per page).
The grantor must sign a quitclaim deed and acknowledge it before a notary public. The grantor then records the deed with the Clerk and Recorder in the county where the real property is located. Recording a quitclaim deed provides notice to all subsequent mortgagees and purchasers there is a new owner of the property.
With a deed of trust, a trustee holds the interest. With a mortgage, the bank holds an interest. This means that if you have a mortgage, you are directly giving the bank your money, rather than having a trustee hold onto it until the bank or courts need it.
A Montana quitclaim deed is a type of deed that transfers the owner's interest with no warranty of title. The person who signs a quitclaim deed transfers to the new owner all interests the signer holds in the property as of the date of the deed.
Understanding the Different Types of Deeds in Montana A deed transfers real property from a grantor to the grantee. There are three main types of deeds: the general warranty deed, the special warranty deed, and the quitclaim deed.