If you are making a loan to somebody that is to be payed back with interest, protect your rights with a Promissory Note secured by a Deed of Trust.
A Deed of Trust is an instrument used to secure a promissory note given for a real property loan. It gives a lender (creditor) a lien secured by the property, usually a home or other piece of real estate, (collateral) in order to make sure the payments under a promissory note are paid. The borrower (trustor) executes a promissory note and Deed of Trust, which transfers an interest in the property (collateral) to the lender (creditor) as security for repayment of a loan.
Compared to a Mortgage, there is little practical difference between a Mortgage and a Deed of Trust. They perform the same basic function other than a Deed of Trust is a Mortgage with a power of sale.
This LegalDesq Deed of Trust Includes:
- A Promissory Note
- Research of the exact legal description of the property to be secured
- Naming the Borrower, Lender and Trustee
- Verifying all documents are properly signed
- Filing your Deed of Trust with your County Recorder’s Office
- Attorney review
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$249 + recording fee