Category: Legal Terms
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What is a Short Form Deed of Trust?
A deed of trust (DOT), also known as a trust deed, is a document that conveys title to real property to a trustee as security for a loan until the grantor (borrower) repays the lender according to terms defined in an attached promissory note. It’s similar to a mortgage, but differs in that mortgages only…
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What Is a “Due on Sale” Clause and What Does It Mean to Me?
Many people obtain loans to buy real estate. The term “security instruments” is a catch-all phrase used to describe these loans, whether they are mortgages or deeds of trust, and the associated promissory notes. These documents secure debt with a lien on the real property identified in the loan papers, by transferring title to the…
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Types of Vesting Related to Real Estate Ownership
Title vesting is the way an owner (or owners) of property takes title to their real estate. The way that title is held will affect what the owner (or owners) can do with the property during his or her lifetime, and will also determine whether or not the property has to go through probate proceedings…