Dallas Texas Substitute Trustee's Deed

Name: Dallas Texas Substitute Trustee's Deed
Brand: US Legal Forms
Rating: 4.81 (250 reviews)

Category:

Texas Court Samples - Real Estate - Deeds

State:

Texas

County:

Dallas

Control #:

TX-JW-0048

Format:

Instant download

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Description

Substitute Trustee's Deed Dallas Texas Substitute Trustee's Deed is a legal document used in real estate transactions in Dallas, Texas. This type of deed comes into play when a property is being sold due to foreclosure or other circumstances where a trustee is appointed to handle the sale process. A Substitute Trustee's Deed is executed by a trustee, who is typically designated by a mortgage lender or a court. This deed allows the trustee to transfer the legal title of the property from the borrower (trust or) to the buyer (grantee) in a foreclosure sale or similar situation. The substitute trustee steps in when the original trustee cannot or should not act, and is responsible for ensuring that the property is sold in accordance with applicable laws and regulations. The substitute trustee is given the authority to sell the property through a public auction, typically known as a foreclosure sale. Once the property is sold, the substitute trustee prepares and records the Substitute Trustee's Deed, which then transfers the ownership rights of the property to the buyer. This deed acts as evidence of the transfer of ownership and protects the buyer's interest in the property. In Dallas, Texas, there are different types of Substitute Trustee's Deeds that can be used depending on the specific circumstances. These variations may include: 1. Substitute Trustee's Deed in Foreclosure: This type of deed is used when a property is being sold as a result of foreclosure proceedings initiated by a lender due to non-payment of a mortgage or loan. 2. Substitute Trustee's Deed Under Power of Sale: Sometimes, the original mortgage agreement includes provisions allowing the lender to sell the property without court intervention. In such cases, a Substitute Trustee's Deed under Power of Sale is used to transfer the title from the trust or to the grantee. 3. Substitute Trustee's Deed in Deed of Trust Release: When a borrower pays off their mortgage or fulfills their loan obligations, the lender releases the deed of trust. In these cases, a Substitute Trustee's Deed is used to transfer the title from the trustee to the grantee. These are some main types of Dallas Texas Substitute Trustee's Deeds that are commonly utilized in real estate transactions involving foreclosure sales or the release of deeds of trust. It is important to consult with a qualified legal professional or real estate attorney when dealing with such deeds to ensure compliance with local laws and regulations.

Dallas Texas Substitute Trustee's Deed is a legal document used in real estate transactions in Dallas, Texas. This type of deed comes into play when a property is being sold due to foreclosure or other circumstances where a trustee is appointed to handle the sale process. A Substitute Trustee's Deed is executed by a trustee, who is typically designated by a mortgage lender or a court. This deed allows the trustee to transfer the legal title of the property from the borrower (trust or) to the buyer (grantee) in a foreclosure sale or similar situation. The substitute trustee steps in when the original trustee cannot or should not act, and is responsible for ensuring that the property is sold in accordance with applicable laws and regulations. The substitute trustee is given the authority to sell the property through a public auction, typically known as a foreclosure sale. Once the property is sold, the substitute trustee prepares and records the Substitute Trustee's Deed, which then transfers the ownership rights of the property to the buyer. This deed acts as evidence of the transfer of ownership and protects the buyer's interest in the property. In Dallas, Texas, there are different types of Substitute Trustee's Deeds that can be used depending on the specific circumstances. These variations may include: 1. Substitute Trustee's Deed in Foreclosure: This type of deed is used when a property is being sold as a result of foreclosure proceedings initiated by a lender due to non-payment of a mortgage or loan. 2. Substitute Trustee's Deed Under Power of Sale: Sometimes, the original mortgage agreement includes provisions allowing the lender to sell the property without court intervention. In such cases, a Substitute Trustee's Deed under Power of Sale is used to transfer the title from the trust or to the grantee. 3. Substitute Trustee's Deed in Deed of Trust Release: When a borrower pays off their mortgage or fulfills their loan obligations, the lender releases the deed of trust. In these cases, a Substitute Trustee's Deed is used to transfer the title from the trustee to the grantee. These are some main types of Dallas Texas Substitute Trustee's Deeds that are commonly utilized in real estate transactions involving foreclosure sales or the release of deeds of trust. It is important to consult with a qualified legal professional or real estate attorney when dealing with such deeds to ensure compliance with local laws and regulations.

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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.

Section 13.001 - Validity of Unrecorded Instrument (a) A conveyance of real property or an interest in real property or a mortgage or deed of trust is void as to a creditor or to a subsequent purchaser for a valuable consideration without notice unless the instrument has been acknowledged, sworn to, or proved and filed

In simple terms, anyone who has the capacity to hold property can be a trustee. It is possible to be both a beneficiary and a trustee, although this may not always be appropriate. A trust may have just professional trustees, just lay trustees or a combination of the two.

Until the unrecord deed is processed, and title transferred, the holders of the title still own the property. They can mortgage the property or sell it. The plan for the children to receive and record the deed may not have legal authority.

A substitution of trustee simply names a new person to take over that position, as well as a secondary trustee if necessary. A substitution of trustee and full reconveyance serves two purposes: It enables a lender (such as a mortgage company) to appoint a new trustee. It allows the new trustee to release the lien.

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).

A substitution of trustee under a trust deed is a legal document that allows the mortgage lender to change the person or business entity that will carry out the private trustee's foreclosure sale.

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.

A document known as a substitution of trustee and full reconveyance identifies the person who has the authority to reconvey the property and remove the lien. Most importantly, a deed of full reconveyance, known as a satisfaction of mortgage in some states, transfers title back to the borrower.

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.

More info

Trustee Deed Form - Dallas County. Fill in the blank form formatted to comply with all recording and content requirements.Texas is a non-judicial foreclosure state. Legal description described on Exhibit A to the sale notice, but the substitute trustee did generally refer to the property described in the deed of trust. TXU BIG BROWN COMPANY LP, a Texas limited partnership (the "Grantor"), whose address is 1601 Bryan, Dallas, Texas 75201,. Case opinion for TX Court of Appeals MYRAD PROPERTIES INC v. Commonly known as: 1185 KACHINA LANE, FORT WORTH, TX 76052. Records of Bell County, Texas. Dallas Independent School District. Dallas ISD is considered to be one of the fastest improving urban school districts in the country.

TAU BIG BROWN COMPANY LP, a Texas Limited Partnership. The following information is not included in the sale notice for this Property. The sale notice, attached as Exhibit B, identifies the following as being part of the premises and is sufficient for the record purposes herein. All tenants in common and×or tenants of common trust, unless otherwise noted; the entire beneficial interest of CERTAIN TAU BIG BROWN COMPANY PARTNERSHIP LP and TALL MOUNTAIN PARTNERSHIP LP, the limited partners of TAU BIG BROWN COMPANY LP; All the REPRESENTATIVES, AGENTS OF THE PROPERTY and×or THEIR RESPECTIVE CUSTOMERS. RECORD, PICTURE TAPE AND VIDEO RECORDING OF THE PRECONFIGURED SALE. ALL PHOTOGRAPHS, SCREENSHOTS, Image AND PHOTOGRAPHS, DOCUMENTS AND DOCUMENTS ON THE PROPERTY. ALL ELECTRONIC RECORDS, PRINTED MEDIA AND COMPUTER FILES. ALL RECORDS, DOCUMENTS AND FILES, ACCESS AND USE CONFISCATED, LOST OR STOLEN. THE PERSON ASKING for and responding properly to the Notice.

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Dallas Texas Substitute Trustee's Deed

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Do you have to record a deed in Texas?

Is an unrecorded deed of trust valid in Texas?

Who can be a trustee of a property?

What happens if a deed is not recorded in Texas?

What is a substitution of trustee for?

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

What is substitution deed?

What is the purpose of a substitution of trustee?

What is the purpose of a substitution of trustee and full reconveyance?

Who can be a deed of trust trustee in Texas?

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