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What is mortgage used to purchase?
A mortgage is a loan that is secured by real property.
How do you get your down payment back on foreclosed property?
Your down payment was used to purchase the property and was paid directly to the seller. You don't get it back.
Deeds of Trust Explained?
A deed of trust is a legal document often used during a home purchase. Most people are familiar with a mortgage, but not as many have heard of a deed of trust. Mortgages and deeds of trust are similar in that they are both used to provide security for a loan. However, a deed of trust is different because there are three parties involved whereas when a mortgage is used, only two parties are involved. The three parties involved in a deed of trust are the trustor, the trustee, and the beneficiary. The trustor is the person who is borrowing money to make the purchase, the trustee is the entity that holds the legal title to the property, and the beneficiary is the bank or other entity that is lending the money for the purchase. This differs from a mortgage because in the case of a mortgage, the lender also holds the title to the property until is has been paid in full. When a deed of trust is used, it is recorded with the County Recorder and is used to prove evidence that the property is being used as collateral until the loan terms are met by the borrower. When the borrower pays the loan in full, the title is then transferred back to the borrower. This happens in a process called reconveyance. However, in instances when a borrower does not meet their financial obligations, the trustee has the right to file a Notice of Default against the trustor, or borrower. When this happens, the borrower typically has a set period of time to cure the default by catching up on his payments. The time allowed depends on the state in which the deed of trust was filed. Should a borrower not cure the default, the trustee can begin foreclosure proceedings against the borrower. In the case of a deed of trust, many borrowers will opt to surrender the trust deed as opposed to going through foreclosure proceedings. This is typically referred to as a deed in lieu. A deed of trust contains a large amount of legal information. Some of the information that is typically part of a deed of trust document includes the loan amount, a legal description of the property, names of all involved parties, the provisions of the mortgage, the requirements of all parties, legal procedures to be used if a party does not comply with the trust deed, and a number of clauses and riders that pertain to the trust deed. Deeds of trust are complex legal documents and people who are using them in the purchase of a home or other property should take care to read them carefully and to be sure they understand what they are agreeing to before entering into a legally binding agreement.
What is a loan to buy a property called?
A mortgage is a type of loan used to purchase or maintain a home, land, or other types of real estate. JLM Property
Is a mortgage used to purchase real estate?
Yes. A mortgage is a loan that is secured by real property.
What part of speech is spendthrift?
"Spendthrift" is fundamentally a noun. Like many nouns, it can be used as a "substantive adjective" to modify other nouns, as in "spendthrift trust."
Can a trustee and beneficiary of a trust purchase property in the trust by refinancing vs. sales contract?
Refinancing is only a debt instrument so wouldn't provide for changing the deed (ownership) to a property. A property can be purchased through a sales contract, or even given by way of a recorded deed. Ownership of property must be recorded by deed in the county courthouse where the property is located. Many types of deeds are used depending on the circumstances surrounding the purchase, gift, etc. A real estate or trust attorney should be consulted and a deed recorded based on the language in your trust document and the goals surrounding the property.
What happens if you default on a loan used to purchase a lot?
If you default on a loan used to purchase a piece of property you usually lose the property through foreclosure.
What is the difference between a Deed and a Deed Of Trust?
A deed is the instrument used to transfer title to real estate. A deed of trust transfers property to someone to be held in trust for another. A deed of trust can have different meanings in different jurisdictions. In some states a deed of trust has the effect of a mortgage. A trustee holds the property until the debt has been paid. In other jurisdictions a deed of trust is a deed that transfers real property to a trustee who will hold title to the property indefinitely according to the terms of the trust. The trust may be one that was created in a separate instrument that is referenced in the deed or the trust may be set forth in the deed itself.
What are the benefits of having an irrevocable trust?
The property is no longer vulnerable to your creditors, your heirs or your personal income taxes. After a waiting period, it cannot be used to disqualify you from entitlements. You can choose how the income will be distributed and how the property will eventually be distributed when the trust is terminated. However, you cannot get the property back. An irrevocable trust should be drafted by an expert in trust law.
What is mortgage used to purchase?
A mortgage is a loan that is secured by real property.
Is a settlor of the trust the same as a grantor?
Yes. Several terms are used to describe the person who transfers their property to a trust: trustor, settlor, grantor.
Can a trust exist where there is no trust deed?
A court can impose a trust on equitable grounds against someone who obtained property through wrongdoing. The wrongdoer is reduced to a trustee and the title is restored in the rightful owner. This is called a constructive trust. Generally, a trust exists by virtue of a document that sets forth the provisions of the trust, names the trustee(s) and adheres to the state requirements for a valid trust. That document is commonly called a Declaration of Trust. A trust exists independently whether it owns property or not. Any property that is to be held in trust by the trustee must be transferred to the trust. If that property is real estate, the owner must execute a deed that transfers title to the trustee of the trust. By doing so the owner is giving up ownership. If there is no deed to the trustee then the real estate is not part of the trust property. The deed to the trustee is referred to as a trust deed or deed of trust. When the property is transferred out of the trust by the trustee that deed is called a trustee's deed. In some jurisdictions a trust deed or deed of trust is the term used to describe a mortgage.
How do you get your down payment back on foreclosed property?
Your down payment was used to purchase the property and was paid directly to the seller. You don't get it back.
Deeds of Trust Explained?
A deed of trust is a legal document often used during a home purchase. Most people are familiar with a mortgage, but not as many have heard of a deed of trust. Mortgages and deeds of trust are similar in that they are both used to provide security for a loan. However, a deed of trust is different because there are three parties involved whereas when a mortgage is used, only two parties are involved. The three parties involved in a deed of trust are the trustor, the trustee, and the beneficiary. The trustor is the person who is borrowing money to make the purchase, the trustee is the entity that holds the legal title to the property, and the beneficiary is the bank or other entity that is lending the money for the purchase. This differs from a mortgage because in the case of a mortgage, the lender also holds the title to the property until is has been paid in full. When a deed of trust is used, it is recorded with the County Recorder and is used to prove evidence that the property is being used as collateral until the loan terms are met by the borrower. When the borrower pays the loan in full, the title is then transferred back to the borrower. This happens in a process called reconveyance. However, in instances when a borrower does not meet their financial obligations, the trustee has the right to file a Notice of Default against the trustor, or borrower. When this happens, the borrower typically has a set period of time to cure the default by catching up on his payments. The time allowed depends on the state in which the deed of trust was filed. Should a borrower not cure the default, the trustee can begin foreclosure proceedings against the borrower. In the case of a deed of trust, many borrowers will opt to surrender the trust deed as opposed to going through foreclosure proceedings. This is typically referred to as a deed in lieu. A deed of trust contains a large amount of legal information. Some of the information that is typically part of a deed of trust document includes the loan amount, a legal description of the property, names of all involved parties, the provisions of the mortgage, the requirements of all parties, legal procedures to be used if a party does not comply with the trust deed, and a number of clauses and riders that pertain to the trust deed. Deeds of trust are complex legal documents and people who are using them in the purchase of a home or other property should take care to read them carefully and to be sure they understand what they are agreeing to before entering into a legally binding agreement.
What is mortgage options?
A mortgage is the process which is used to purchase the real property to increase the money, to buy the property or by existing property owners to raise the funds for any purpose.
Can a business owner in California escape probate all together if their entire estate consists of real property and they pass it to their children through a Grantor Retained Annuity Trust?
No. A Grantor Retained Annuity Trust is a financial instrument used to make large financial gifts to family without paying a gift tax. If you want to protect your real property from probate you need to set up a trust that can hold title to real property. You need to consult with an attorney with a good reputation who specializes in trust law and tax law.No. A Grantor Retained Annuity Trust is a financial instrument used to make large financial gifts to family without paying a gift tax. If you want to protect your real property from probate you need to set up a trust that can hold title to real property. You need to consult with an attorney with a good reputation who specializes in trust law and tax law.No. A Grantor Retained Annuity Trust is a financial instrument used to make large financial gifts to family without paying a gift tax. If you want to protect your real property from probate you need to set up a trust that can hold title to real property. You need to consult with an attorney with a good reputation who specializes in trust law and tax law.No. A Grantor Retained Annuity Trust is a financial instrument used to make large financial gifts to family without paying a gift tax. If you want to protect your real property from probate you need to set up a trust that can hold title to real property. You need to consult with an attorney with a good reputation who specializes in trust law and tax law.
