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Video instructions and help with filling out and completing trust form 8938

Instructions and Help about trust form 8938

So if you're closing the cellar finance real estate deal with the deed of there are three key documents that are there's the deed there's the promissory note and there's the deed of trust the deed is the document that essentially transfers ownership from the seller to the buyer and the note is like the legal instrument that just states all the terms of what the loan are the interest rate the loan amount the payments all that information and that the deed of trust is the document that actually gets recorded at the county level and it acts as a lien on the property until that loan is paid in full so the deed and the deed of trust get recorded but the promissory note does not and the way a deed of trust works is there's three parties involved there is the lender and there is the borrower and then there's a third party called a trustee and the trustee is usually designated as like a title company or an attorney or sometimes even a loan servicing company and this trustee is the person or entity that is empowered to go in and handle the foreclosure process if the borrower ever defaults on their payments and stops paying if a borrower ever stops paying the lender would notify the trustee and then together they would send out all the proper notifications as required by the state and once that's all done and they've complied with faulty proper state required notifications the trustee can then hold a public auction where they sell this property to another buyer or in some cases the lender can actually buy the property back themselves and some of that varies depending on what stage or cannon but that's effectively the nature of how a deed of trust works now in most cases when you're closing a self-financed deal with the deed of trust that closing is going to be handled by an attorney or a title company and in those cases that attorney or a title company would be the one listed as the trustee so if you're gonna be closing this yourself it would be up to you to find a third party like that to act as that trustee and usually states have certain types of professionals or licensed individuals who are authorized to act as trustees in these situations usually an attorney or title company will fit the bill but that's something you'd have to verify based on the state where your property is located along those same lines I will say that in most cases when people are closing a deal with the deed of trust like this that document is either being written specifically for that deal by an attorney or a title company or some other professional closing agent is using some kind of state specific templates to put it together and the language that's included in a deed of trust can actually be very very important.