Who should be the trustees of a trust?

THE TRUSTEES They are appointed by the FOUNDER and are responsible to ensure that the TRUST ASSETS are utilised in accordance with the FOUNDER's intention and to the best advantage of the BENEFICIARIES of the TRUST. Any person, natural or juristic, may be appointed as a TRUSTEE.

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Texas Substitute Trustee's Deed

Amarillo Texas Substitute Trustee's Deed

Name: Amarillo Texas Substitute Trustee's Deed
Brand: US Legal Forms
Rating: 4.62 (335 reviews)

Category:

Texas Court Samples - Real Estate - Deeds

State:

Texas

City:

Amarillo

Control #:

TX-C129

Format:

Instant download

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Description

Substitute Trustee's Deed

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FAQ

Recording Deeds Texas does not require that a deed be recorded in the county clerk's real property records in order to be valid. The only requirement is that it is executed and delivered to the grantee, which then makes the transfer fully effective.

In Texas, a deed of trust, also known as a trust deed, is the commonly used instrument for the purpose of creating mortgage liens on real estate. A mortgage is an executed contract in which the legal or equitable owner of the real property pledges the title thereto as security for performance of an obligation.

The trustee named in a Texas deed of trust can be any individual person who has the legal capacity to hold and transfer property. Under Texas law, if the named trustee is a corporation, the corporation must be authorized to act as a trustee in Texas.

Unlike a corporation, which is required to file a certificate of formation with the Secretary of State, there is no such requirement for a trust. Rather, the trust remains a private document.

The Deed of Trust must be in writing, signed by the property owner, and filed in the County Clerk property records. The Deed of Trust should describe the loan amount, name a Trustee, and describe the collateral securing the loan. A correct legal description of the property is essential for a valid Deed of Trust.

In Texas, there's no requirement that a deed be recorded in the county clerk's records to be valid. The only requirement is that it be executed and delivered to the grantee, at which time the transfer becomes fully effective between the grantor (seller) and the grantee (buyer).

When you set up a living trust as the grantor, you designate both trustees and beneficiaries. You can designate the same person as both a beneficiary and a trustee, and you can even name yourself as a trustee and beneficiary.

If a deed is not recorded, then the grantor could sell the land to a second grantee. In that case, the second grantee would get to keep the land if they were the first to record their deed and did not have actual knowledge of the deed to the first grantee.

In a nutshell, the Substitution of Trustee and Deed of Reconveyance is a legal document that evidences security interest is being release by a lender. In most cases, the document shows that a loan has been paid off. Property owners may even receive this document if they have refinanced a loan.

THE TRUSTEES They are appointed by the FOUNDER and are responsible to ensure that the TRUST ASSETS are utilised in accordance with the FOUNDER's intention and to the best advantage of the BENEFICIARIES of the TRUST. Any person, natural or juristic, may be appointed as a TRUSTEE.

Amarillo Texas Substitute Trustee's Deed

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FAQ

Do you have to record a deed in Texas?

What is a trustee's deed in Texas?

Who can be a deed of trust trustee in Texas?

Does a trust have to be recorded in Texas?

How do I record a deed of trust in Texas?

Does a deed of trust have to be recorded in Texas?

Can a beneficiary be a trustee in Texas?

What happens if a deed is not recorded in Texas?

What is the purpose of a substitution of trustee?

Who should be the trustees of a trust?

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