The short definition of a mortgage is that it’s a loan used to purchase real property. In Alabama, the mortgage is comprised of two parts: the security instrument and the promissory note. A security instrument is a specific type of document that provides security for the lender and contains terms (agreements) that apply until the buyer (borrower)repays the lender according to terms defined in an attached promissory note.
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In a trust arrangement, a settlor transfers property to another person (the trustee) for the benefit of a third (the beneficiary).
Because the trust is not a person, title to any real property transferred to the trust should be vested in the name of a trustee on the trust’s behalf. In most living trusts, the settlor serves as trustee.
Continue reading “Transferring Real Property from a Living Trust in Alabama”Conveyance of Real Estate by Personal Representative During the Alabama Probate Process
Title 43 of the Alabama Code (Wills and Decedents’ Estates) governs estate administration and probate in that state. Probate is the legal process by which a decedent’s property is distributed to those legally entitled to it.
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