A Bend Oregon Trust Deed and Retention Agreement is a legal document that serves as a security instrument for a real estate transaction in Bend, Oregon. This agreement involves three parties: the borrower (also known as the trust or), the lender (also known as the beneficiary), and a neutral third party known as the trustee. The purpose of a trust deed is to provide security to the lender in the event that the borrower defaults on their loan payments. It involves the borrower transferring the legal title of their property to the trustee, who holds it as security on behalf of the lender until the loan is fully repaid. There are different types of Bend Oregon Trust Deed and Retention Agreements: 1. Standard Trust Deed and Retention Agreement: This is the most common type of trust deed used in real estate transactions. It outlines the terms and conditions of the loan, including the interest rate, payment schedule, and any additional provisions agreed upon by the borrower and the lender. 2. Junior Trust Deed and Retention Agreement: In some cases, there may be multiple trust deeds on a property. A junior trust deed is a secondary lien that is subordinate to the first trust deed. If the property goes into foreclosure, the senior trust deed (first lien) is paid off first before any funds go to the junior trust deed. 3. Trust Deed and Retention Agreement with Power of Sale: This type of trust deed includes a power of sale provision, which gives the trustee the authority to sell the property without court involvement in the event of default. This helps expedite the foreclosure process and allows the lender to recover their investment faster. It is important for both the borrower and the lender to fully understand the terms and implications of the Bend Oregon Trust Deed and Retention Agreement before entering into it. Seeking legal advice and conducting thorough due diligence is recommended to ensure all parties involved are protected and knowledgeable about their rights and obligations.
Bend Oregon Trust Deed and Retention Agreement
State:
Oregon
City:
Bend
Control #:
OR-HJ-310-01
Format:
PDF
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Description
Trust Deed and Retention Agreement
A Bend Oregon Trust Deed and Retention Agreement is a legal document that serves as a security instrument for a real estate transaction in Bend, Oregon. This agreement involves three parties: the borrower (also known as the trust or), the lender (also known as the beneficiary), and a neutral third party known as the trustee. The purpose of a trust deed is to provide security to the lender in the event that the borrower defaults on their loan payments. It involves the borrower transferring the legal title of their property to the trustee, who holds it as security on behalf of the lender until the loan is fully repaid. There are different types of Bend Oregon Trust Deed and Retention Agreements: 1. Standard Trust Deed and Retention Agreement: This is the most common type of trust deed used in real estate transactions. It outlines the terms and conditions of the loan, including the interest rate, payment schedule, and any additional provisions agreed upon by the borrower and the lender. 2. Junior Trust Deed and Retention Agreement: In some cases, there may be multiple trust deeds on a property. A junior trust deed is a secondary lien that is subordinate to the first trust deed. If the property goes into foreclosure, the senior trust deed (first lien) is paid off first before any funds go to the junior trust deed. 3. Trust Deed and Retention Agreement with Power of Sale: This type of trust deed includes a power of sale provision, which gives the trustee the authority to sell the property without court involvement in the event of default. This helps expedite the foreclosure process and allows the lender to recover their investment faster. It is important for both the borrower and the lender to fully understand the terms and implications of the Bend Oregon Trust Deed and Retention Agreement before entering into it. Seeking legal advice and conducting thorough due diligence is recommended to ensure all parties involved are protected and knowledgeable about their rights and obligations.
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