A Memphis Tennessee Substitute Trustee's Deed is a legal document used in real estate transactions to transfer ownership of a property when it is being sold under foreclosure or through a trust. It is executed by a substitute trustee who acts on behalf of the lender or beneficiary of a deed of trust, which is a security instrument used in Tennessee to secure a debt on real property. The Substitute Trustee's Deed is necessary when the borrower defaults on the terms of the loan secured by the deed of trust. In such cases, the lender can initiate foreclosure proceedings, and the property is typically sold at a public auction. The substitute trustee is appointed by the lender to oversee the foreclosure process and handle the sale of the property. The substitute trustee will prepare and execute the Substitute Trustee's Deed once the property has been sold to a buyer at the foreclosure sale. This deed transfers ownership of the property from the previous owner (the borrower) to the new owner (the buyer). It serves as evidence of the buyer's legal right to possess and use the property. There are different types of Substitute Trustee's Deeds that may be used in Memphis, Tennessee, depending on the specific circumstances. Some common variations include: 1. Substitute Trustee's Deed Under Power of Sale: This type of deed is used when a power of sale clause exists in the original deed of trust. The power of sale allows the trustee to sell the property without court intervention, following specific procedures outlined in the deed of trust. 2. Substitute Trustee's Deed Pursuant to Judicial Foreclosure: In certain cases, foreclosure may be pursued through a court proceeding. A judicial foreclosure involves filing a lawsuit to obtain a court order allowing the sale of the property. The substitute trustee will then execute a Substitute Trustee's Deed based on the court's order. 3. Substitute Trustee's Deed in Lieu of Foreclosure: Sometimes, the borrower and lender may mutually agree to avoid foreclosure by entering into a deed in lieu of foreclosure. In such cases, the borrower voluntarily transfers ownership of the property to the lender using a Substitute Trustee's Deed. 4. Substitute Trustee's Deed with Curing Option: In some instances, borrowers may be given an opportunity to cure their default by paying the delinquent amount within a specified time frame. If the borrower successfully cures their default, a Substitute Trustee's Deed with a curing option may be used to reinstate the original deed of trust. It is important for all parties involved in a real estate transaction to understand the specific type of Substitute Trustee's Deed being used, as well as the applicable laws and regulations in Memphis, Tennessee. Consulting with a qualified real estate attorney or title company is highly recommended ensuring a smooth and legally compliant transaction.
Memphis Tennessee Substitute Trustee's Deed
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In Tennessee, a trustee's deed is a type of special warranty deed, where warranty of title is limited to anyone claiming by, from, through, or under the grantor. This is a more limited warranty than a general warranty deed, in which the grantor promises to warrant and defend title against all claim.
Under Tennessee law, a quitclaim deed must be in writing and signed by the grantor. Either the deed must have two witnesses, or the grantor's signature must be acknowledged before a notary public or other public official. The deed must be recorded, and you will likely pay a Realty Transfer Tax and filing fees.
Finally, quit claim deeds are another common way that properties are conveyed in the State of Tennessee. Quit claim deeds are often used to convey property from one person to another or to add additional people to title.
Per Tennessee Code § 67-4-409, the state imposes a Realty Transfer Tax on most transfers of real property. For quitclaim deeds, the amount of the tax is at a rate of $0.37 per $100 of the property's purchase price.
How to Write a Tennessee Quitclaim Deed Preparer's name and address. Full name and mailing address of the person to whom the recorded deed should be sent. County where the real property is located. The consideration paid for the property. Grantor's name and address. Grantee's name and address.
The documents can be prepared by anyone as long as the required information is written in the deed as outlined in § 66-5-103. Once the forms have been prepared, along with the Legal Description of the property, it may be signed with two (2) witnesses or a notary public.
The documents can be prepared by anyone as long as the required information is written in the deed as outlined in § 66-5-103. Once the forms have been prepared, along with the Legal Description of the property, it may be signed with two (2) witnesses or a notary public.
Adding someone to your house deed requires the filing of a legal form known as a quitclaim deed. When executed and notarized, the quitclaim deed legally overrides the current deed to your home. By filing the quitclaim deed, you can add someone to the title of your home, in effect transferring a share of ownership.
$12.00 first two (2) pages. $ 5.00 each additional page. $ 5.00 each additional reference.
To present a deed to be recorded in Shelby County, go to the Register of Deeds, located at 1075 Mullins Station Rd., Suite 165, Memphis, TN 38134. For general information, call 901.379. 7500. They are open M-F from 8am-pm.