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Deeds of Trust
In some states leaders use a three-party instrument known as a deed of trust, or trust deed, rather than a mortgage. As with mortgages, deeds of trust involve two separate instruments: a note detailing the terms of the loan and a trust deed. A deed of trust conveys the real estate as a security for the loan on behalf of the lender, known as the beneficiary, who is the legal owner and hilder of teh note. The wording of the conveyance sets forth actions that the trustee may take if the borrower, known as the trustor; defaults under any of the trust deed's terms. In states where deeds of trust are preferred, foreclosure procedures for defaulted deeds of trust are usually simpler and speedier than those for mortgage loans.
Usually the lender chooses the trustee and reserves the right of substitutions if a trustee dies or is dismissed. In the financing of a commercial or industrial real estate venture that involves a large loan and serveral lenders, the borrower generally executes a deed of trust rather than a mortgage because deeds of trust can be used to secure several notes, one note held by each lender. |
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