Philadelphia Pennsylvania Certificate of Trust for Mortgage is a legal document that establishes the existence and validity of a trust in the context of a mortgage transaction within the state of Pennsylvania. This certificate serves as a proof of the trust's existence, powers, and the authority of the trustee, ensuring that the mortgage transaction is legally binding and enforceable. Keywords: Philadelphia Pennsylvania, Certificate of Trust, Mortgage, legal document, trust, mortgage transaction, proof of existence, powers, authority, trustee, binding, enforceable. Different Types of Philadelphia Pennsylvania Certificate of Trust for Mortgage: 1. Revocable Trust Mortgage Certificate: This type of certificate is used when the trust under which the mortgage is established can be revoked or amended by the granter during their lifetime. It outlines the specific terms and conditions of the trust arrangement, including the authority and powers granted to the trustee. 2. Irrevocable Trust Mortgage Certificate: In contrast to the revocable trust, this type of certificate establishes a trust arrangement that cannot be altered or revoked by the granter after its creation. It provides evidence of the trust's permanence and the trustee's authority to execute a mortgage on behalf of the trust. 3. Testamentary Trust Mortgage Certificate: This certificate is employed when the trust is created through the last will and testament of a deceased individual. It verifies the trust's creation upon the granter's death, outlines the trustee's powers, and confirms its validity in the context of a mortgage transaction. 4. Living Trust Mortgage Certificate: A living trust is established during the granter's lifetime and becomes effective immediately upon its creation. This type of certificate validates the trust's existence, outlines the trustee's duties, and confirms the trust's ability to enter into a mortgage transaction to secure the granter's property. 5. Land Trust Mortgage Certificate: A land trust is commonly used to hold title to real property while maintaining privacy and asset protection. This certificate establishes the land trust's authority to mortgage the property, outlines the trustee's role, and confirms the trust's validity as it relates to the mortgage transaction. In conclusion, the Philadelphia Pennsylvania Certificate of Trust for Mortgage is a crucial legal document that verifies the trust's existence, powers, and the trustee's authority to engage in a mortgage transaction. It ensures the enforceability and legitimacy of the mortgage arrangement, providing peace of mind to both borrowers and lenders.
Philadelphia Pennsylvania Certificate of Trust for Mortgage
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How to fill out Philadelphia Pennsylvania Certificate Of Trust For Mortgage?
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How much is it? The current rates for the Realty Transfer Tax are: 3.278% (City) + 1% (Commonwealth) = 4.278% (Total) The tax rate is based on the sale price or assessed value of the property, plus any assumed debt.
Currently, the fee for filing the deed, which distributes the house from your Mother's estate into your own name, is $252.00. This amount is comprised of: $107 (Filing Fee), $107 (Philadelphia Housing Trust Fee), $. 50 (State Writ Tax), $2.00 (Philadelphia County Fee) and $35.50 (Access to Justice Fee).
Documents submitted for electronic recording are typically received back recorded within 1-2 days after submission. Counties that do not record electronically, such as Delaware and Chester County, PA, take 3-4 weeks to return recorded documents. Original recorded Deeds will be mailed to Grantee address provided.
Hours of operation: Monday through Friday, 8 a.m. to 4 p.m. You must be in Room 111 by p.m. to have your document recorded that day.
Philadelphia Recording Fees Revised DEED Recording Fee$107.00State Writ Tax$0.50County Fee$2.00Access to Justice Fee$40.25Total$256.751 more row ?
Individuals can record a document by mail or in person. Businesses can also record documents, and have the option to record documents electronically through a third-party recording service. The most commonly recorded documents by individuals are deeds.
All deeds made in the state to be acknowledged and recorded within ninety days.
Although a deed is always binding on the parties involved with the transfer, it is not binding on anyone else unless it is recorded in the office of the Recorder of Deeds in the county where the property is located. In some areas, a recorded deed must also be registered with the local municipality.