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Utah Assumption Agreement of Deed of Trust and Release of Original...

Utah Assumption Agreement of Deed of Trust and Release of Original Mortgagors

Name: Utah Assumption Agreement of Deed of Trust and Release of Original Mortgagors
Brand: US Legal Forms
Price: 59.00 USD
Rating: 4.73 (360 reviews)

Category:

Utah Real Estate - Mortgages and Deeds of Trust

State:

Utah

Control #:

UT-ED1014

Format:

Instant download

Description

This Assumption Agreement of Deed of Trust and Release of Original Mortgagors form is for the lender, mortgagees and new purchasers to sign whereby the new purchasers of the property assume and agree to pay the debt to the lender, and the lender releases the original mortgagors from any future liability on the loan.

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FAQ

The following states may use either Mortgage Agreements or Deed of Trusts: Colorado, Idaho, Illinois, Iowa, Maryland, Montana, Nebraska, Oklahoma, Oregon, Tennessee, Texas, Utah, Wyoming, Washington, and West Virginia.

They serve different purposes and are signed by different parties. The warranty deed transfers the property's ownership from the current owner to the new buyer, while the deed of trust ensures the lender has interest in the property in the event a buyer defaults on the loan.

A Deed of Trust is essentially an agreement between a lender and a borrower to give the property to a neutral third party who will serve as a trustee. The trustee holds the property until the borrower pays off the debt.The trustee, however, holds the legal title to the property.

In financed real estate transactions, trust deeds transfer the legal title of a property to a third partysuch as a bank, escrow company, or title companyto hold until the borrower repays their debt to the lender. Trust deeds are used in place of mortgages in several states.

Whether you have a deed of trust or a mortgage, they both serve to assure that a loan is repaid, either to a lender or an individual person. A mortgage only involves two parties the borrower and the lender. A deed of trust adds an additional party, a trustee, who holds the home's title until the loan is repaid.

As you stated in your question, it is recorded among the land records, and your lender keeps the original. When you pay off the loan, the lender will return the deed of trust with the promissory note. This document is rather lengthy and quite legalistic.

A deed of trust is a written instrument with three parties: The trustor, who is the borrower and homeowner. The beneficiary, who is the lender. The trustee, who is a third party such as an insurance company or escrow management agency that holds actual title to the property in trust for the beneficiary.

The deed of trust is currently used in Alabama, Alaska, Arkansas, Arizona, California, Colorado, District of Columbia, Georgia, Hawaii, Idaho, Iowa, Michigan, Minnesota, Mississippi, Missouri, Montana, Nevada, New Hampshire, North Carolina, Oklahoma, Oregon, Rhode Island, South Dakota, Tennessee, Texas, Utah, Virginia,

Utah Assumption Agreement of Deed of Trust and Release of Original Mortgagors

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FAQ

Is Utah a mortgage or deed of trust state?

Is Utah a mortgage State?

How does a deed of trust work?

What does a deed of trust do?

Is deed of trust and mortgage the same?

Who benefits from a deed of trust?

Who keeps the original deed of trust?

Who holds title in a deed of trust?

Is Utah a deed of trust state?

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Utah Assumption Agreement of Deed of Trust and Release of Original Mortgagors

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