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Simple English definitions for legal terms

trust deed

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A quick definition of trust deed:

A trust deed, also known as a deed of trust, is a way to borrow money for property renovations or other projects. The borrower gives the lender one or more promissory notes and transfers a real property interest to a third-party trustee as security. If the borrower fails to repay the loan, the trustee can take control of the property to correct the borrower's default. The trustee can sell the property without a court order, which benefits lenders because it is quicker and cheaper.

A more thorough explanation:

A trust deed, also known as a deed of trust, is a legal document used in some states, such as California and Massachusetts, to secure real estate transactions. It is an alternative to a mortgage.

When a borrower needs money to finance property renovations or other projects, they can get money from a lender by giving the lender one or more promissory notes. As security for the promissory notes, the borrower transfers a real property interest to a third-party trustee. This trustee can be a title company.

If the borrower defaults on the terms of the loan, the trustee may take full control of the property to correct the borrower's default. The trustee holds the property in trust for the use and benefit of the borrower. In some states, the trustee merely holds a lien on the property.

Trust deeds usually include a power-of-sale clause, which allows the trustee to conduct a non-judicial foreclosure. This means that the trustee can sell the property without first getting a court order. This benefits lenders because they can foreclose on the property much quicker and usually cheaper than having to get a court order, which can take years in some states.

In a typical home loan, the borrower is the person buying the home, the lender is a bank, and the trustee is a title company. The borrower makes monthly payments to the bank. If the borrower goes into default, the title company initiates a non-judicial foreclosure as the bank's agent.

For example, if a borrower takes out a trust deed to finance a home renovation project and fails to make payments, the trustee can sell the property to recover the money owed to the lender. This is done without going through the court system, which can save time and money for both the lender and the borrower.

trust declaration | trust fund

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this election has the potential to push america further into ultranationalist populism
Dkk
19:42
Maybe, didnt happen last time.
19:42
it was hard to not improve it. google search was terrible due to the ads and seo cheaters with buzz words and alt text
Dkk
19:42
SEO is big money
2016 pushed the conservative party into populism irreversibly
Dkk
19:43
Maybe, but if this is populism, then every election is populist.
19:43
@Dkk: yeah register 1 website and every swinging tom dick and harry calls/emails/texts to 'help with seo'. like bruh, if YOU found it, what i am doing is working
Dkk
19:43
Indeed!
19:48
wasp, i think people are hopeful for a gov who at least attempts to care about the common man
MIAMI A
[] AromaticTroubledDormouse
20:55
How does one know if they are UR1 or UR2?
[] AromaticTroubledDormouse
20:56
CONGRATS MACAQUE!
TY
got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
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@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
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