This deed, or deed-related form, is for use in property transactions in the designated state. This document, a sample Deed of Trust - Arizona, can be used in the transfer process or related task. Adapt the language to fit your circumstances. Available for download now in standard format(s).
A Tempe Arizona Deed of Trust is a legal document that is typically used in real estate transactions to secure a loan for the purchase of a property. This document serves as a form of security for the lender, giving them the right to foreclose on the property if the borrower fails to repay the loan as agreed. The Tempe Arizona Deed of Trust typically involves three parties: the borrower (also known as the trust or), the lender (also known as the beneficiary), and a neutral third party called the trustee. The trustee holds legal title to the property until the loan is repaid in full. There are several types of Tempe Arizona Deed of Trust that may be used depending on the specific circumstances of the transaction: 1. Short Form Deed of Trust: This is the standard form of deed of trust used in most real estate transactions. It outlines the terms and conditions of the loan, including the interest rate, repayment schedule, and any additional provisions or agreements. 2. All-Inclusive Deed of Trust: Also known as a wraparound deed of trust, this type of deed of trust is used when there is an existing mortgage on the property that the borrower wants to keep in place. The new deed of trust is structured to include the existing mortgage, creating a single loan with one payment. 3. Subordinate Deed of Trust: This type of deed of trust is used when there is already a primary lien on the property, such as a first mortgage. The subordinate deed of trust is recorded after the primary lien and has a lower priority in terms of repayment in the event of foreclosure. 4. Trust Deed with Assignment of Rents: In some cases, the lender may require the borrower to assign the rents from the property to the lender as additional security. This type of deed of trust allows the lender to collect the rents in the event of default. It is important for both borrowers and lenders to carefully review and understand the terms of the Tempe Arizona Deed of Trust before entering into any real estate transaction. Consulting with a qualified attorney or real estate professional can help ensure that all parties are fully informed and protected throughout the process.
