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.
A Killeen Texas Deed of Trust and Security Agreement is a legal document that establishes a lien on a property in Killeen, Texas, to secure the repayment of a debt or loan. It typically involves three parties: the borrower (also known as the trust or granter), the lender (also known as the beneficiary or mortgagee), and a neutral third party known as the trustee. The purpose of a Deed of Trust and Security Agreement is to provide the lender with a way to recover their investment if the borrower defaults on the loan. By creating a security interest in the property, the lender has the right to foreclose and sell the property to recoup the outstanding debt. In Killeen, Texas, there are various types of Deed of Trust and Security Agreements, including: 1. Traditional Deed of Trust: This is the most common type where the borrower transfers legal title to the property to the trustee as security for the loan. The trustee holds the deed until the borrower fulfills their loan obligations, upon which the deed is released. 2. Assumption Deed of Trust: In this type, the new buyer assumes responsibility for the existing loan while keeping the original terms intact. The seller's ownership interest is transferred to the buyer, who takes over the remaining loan payments. 3. Wraparound Deed of Trust: This type of agreement combines the existing mortgage with a new loan. The new lender assumes the responsibility to pay off the original mortgage, and the borrower makes a consolidated payment towards both loans. 4. Construction Deed of Trust: This agreement is used when a property is being developed or renovated. The lender provides funds in stages, known as draws, to finance the construction process. The deed of trust secures the loan while the property is under construction. 5. Home Equity Deed of Trust: This type allows homeowners to borrow against the equity they have built in their property. The borrowed amount is secured by a lien on the property, and the homeowner must make regular payments to repay the debt. Killeen Texas Deed of Trust and Security Agreements are crucial legal documents that protect both lenders and borrowers in real estate transactions. It is essential to consult with a qualified attorney or real estate professional to ensure the agreement accurately reflects the terms and conditions of the loan.A Killeen Texas Deed of Trust and Security Agreement is a legal document that establishes a lien on a property in Killeen, Texas, to secure the repayment of a debt or loan. It typically involves three parties: the borrower (also known as the trust or granter), the lender (also known as the beneficiary or mortgagee), and a neutral third party known as the trustee. The purpose of a Deed of Trust and Security Agreement is to provide the lender with a way to recover their investment if the borrower defaults on the loan. By creating a security interest in the property, the lender has the right to foreclose and sell the property to recoup the outstanding debt. In Killeen, Texas, there are various types of Deed of Trust and Security Agreements, including: 1. Traditional Deed of Trust: This is the most common type where the borrower transfers legal title to the property to the trustee as security for the loan. The trustee holds the deed until the borrower fulfills their loan obligations, upon which the deed is released. 2. Assumption Deed of Trust: In this type, the new buyer assumes responsibility for the existing loan while keeping the original terms intact. The seller's ownership interest is transferred to the buyer, who takes over the remaining loan payments. 3. Wraparound Deed of Trust: This type of agreement combines the existing mortgage with a new loan. The new lender assumes the responsibility to pay off the original mortgage, and the borrower makes a consolidated payment towards both loans. 4. Construction Deed of Trust: This agreement is used when a property is being developed or renovated. The lender provides funds in stages, known as draws, to finance the construction process. The deed of trust secures the loan while the property is under construction. 5. Home Equity Deed of Trust: This type allows homeowners to borrow against the equity they have built in their property. The borrowed amount is secured by a lien on the property, and the homeowner must make regular payments to repay the debt. Killeen Texas Deed of Trust and Security Agreements are crucial legal documents that protect both lenders and borrowers in real estate transactions. It is essential to consult with a qualified attorney or real estate professional to ensure the agreement accurately reflects the terms and conditions of the loan.
