This detailed sample Deed of Trust and Security Agreement complies with Texas law. Adapt the language to fit your facts and circumstances. Available in Word and Rich Text formats.
Collin Texas Deed of Trust and Security Agreement is a legally binding document used in real estate transactions within Collin County, Texas. This agreement serves to secure a loan or mortgage by providing a lien on the property, granting the lender the right to foreclose the property in the event of default on the loan. The Collin Texas Deed of Trust and Security Agreement is created between the borrower (also known as the granter), the lender (also referred to as the beneficiary), and a trustee. The trustee holds the legal title to the property on behalf of the lender until the loan is fully repaid. Once the loan is satisfied, the trustee releases the lien, transferring the property's title fully to the borrower. In Collin County, Texas, there are different types of Deeds of Trust and Security Agreements that may be utilized based on the specific circumstances: 1. Purchase Money Deed of Trust: This type of agreement is commonly used when the loan is being obtained to purchase the property. The lender, often a financial institution, provides funds directly to the borrower to cover the purchase price. 2. Refinance Deed of Trust: When a borrower decides to refinance their existing mortgage, this type of Deed of Trust and Security Agreement is used. It allows the borrower to secure a new loan to replace the previous one, typically at more favorable terms. 3. Home Equity Deed of Trust: This agreement is used when a homeowner intends to access the equity in their property. By securing the loan with a Deed of Trust, the lender can extend credit based on the value of the property. 4. Construction Loan Deed of Trust: In the case of financing new construction or significant renovations, this agreement is utilized. It protects the lender's interest during the construction process, allowing funds to be disbursed based on predetermined milestones. When drafting a Collin Texas Deed of Trust and Security Agreement, essential keywords to emphasize may include Collin County, Texas, real estate, loan security, lien, borrower, lender, trustee, foreclosure, purchase money, refinance, home equity, construction loan.Collin Texas Deed of Trust and Security Agreement is a legally binding document used in real estate transactions within Collin County, Texas. This agreement serves to secure a loan or mortgage by providing a lien on the property, granting the lender the right to foreclose the property in the event of default on the loan. The Collin Texas Deed of Trust and Security Agreement is created between the borrower (also known as the granter), the lender (also referred to as the beneficiary), and a trustee. The trustee holds the legal title to the property on behalf of the lender until the loan is fully repaid. Once the loan is satisfied, the trustee releases the lien, transferring the property's title fully to the borrower. In Collin County, Texas, there are different types of Deeds of Trust and Security Agreements that may be utilized based on the specific circumstances: 1. Purchase Money Deed of Trust: This type of agreement is commonly used when the loan is being obtained to purchase the property. The lender, often a financial institution, provides funds directly to the borrower to cover the purchase price. 2. Refinance Deed of Trust: When a borrower decides to refinance their existing mortgage, this type of Deed of Trust and Security Agreement is used. It allows the borrower to secure a new loan to replace the previous one, typically at more favorable terms. 3. Home Equity Deed of Trust: This agreement is used when a homeowner intends to access the equity in their property. By securing the loan with a Deed of Trust, the lender can extend credit based on the value of the property. 4. Construction Loan Deed of Trust: In the case of financing new construction or significant renovations, this agreement is utilized. It protects the lender's interest during the construction process, allowing funds to be disbursed based on predetermined milestones. When drafting a Collin Texas Deed of Trust and Security Agreement, essential keywords to emphasize may include Collin County, Texas, real estate, loan security, lien, borrower, lender, trustee, foreclosure, purchase money, refinance, home equity, construction loan.
