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 include two parties (borrower and lender). The laws of each state determine whether to use a deed of trust or a mortgage.
There are three parties to a deed of trust: the borrower (trustor), the lender (beneficiary), and the trustee. The trustee, typically a title agency or other disinterested party, serves two purposes: to initiate the foreclosure process for the lender if the borrower defaults on the loan, and to transfer (reconvey) the property back to the borrower after the debt is paid in full.
The short form deed covers the requirements for most non-institutional lenders. In addition to any other necessary documents, the short form adds another step of recording a fictitious deed of trust.
A fictitious deed of trust is a blank, unsigned long form deed of trust with a cover sheet attached, requesting recording for reference purposes only. By referencing the recorded instrument information on the fictitious DOT, all rights and obligations of the parties are preserved. Because of this, it's generally less costly to record the short form DOT.
Assignment of rents provides added security for the lender on the note. Typically used when financing rental property, it allows the lender to collect rent, income, and/or other profits from the property if the borrower defaults.
Deeds.com California Short Form Deed of Trust with Assignments of Rents Forms Have Been Updated as Recently as Monday March 18, 2019
What others like you are saying:
Carlin L. said: I have yet to have my Certification of Trust notarized nor have I gone to my bank to see if it's acceptable I hope it will be it was rather easy to do thank you so much.
Reply from Staff: Thank you for your feedback Carlin.
Barbara S. said: I had an issue due to the fact that I had many beneficiaries. I was and still am not sure how to handle this. We do have Adobe Pro and can modify the form, if needed. But I would like to talk to your organization for more information.
Reply from Staff: While we are unable to assist you specifically with completing the document we can note that this is addressed in the guide. Information that does not fit in the available space should be included in an exhibit page.
Dennis E. said: Easy to complete form. Examples were very helpful in using correct verbiage for form. Also way less expensive than the $500 an attorney wanted to charge me for doing the very same thing!!!
Reply from Staff: Thanks Dennis, we appreciate you taking the time to leave your feedback.
Desmond L. said: Easy access
Reply from Staff: We appreciate your business and value your feedback. Thank you. Have a wonderful day!
Tawnya B. said: The document I needed and easy instructions!
Reply from Staff: Thank you!
Yvonne W. said: I'm not certain yet that this is all I need to do what I need to do. Marion Co. Clerk's office has not been helpful. I found this site from that site & hopefully it will help.
Reply from Staff: Thanks for the feedback Yvonne. We hope you found what you needed. Have a wonderful day!
Select County where the property is located.