Deed of Trust |
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Deed of Trust |
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A deed of trust is similar to a mortgage in that it creates a lien against the property.
•The Trustor (property owner) deeds the property to a Trustee (neutral 3rd party) but retains possession.
•Trustee holds the property on behalf of the Beneficiary (lender).
•If the borrower (trustor) does not meet the terms of the promissory note, the trustee may sell the property to satisfy the note.
•When the borrower pays off the note, the beneficiary notifies the trustee who issues a reconveyance deed.
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