A deed of trust is a legal document used in real estate transactions where property is transferred to a trustee as security for a loan. It involves three parties: the borrower (trustor), the lender (beneficiary), and the trustee. The borrower conveys legal title to the trustee, who holds it until the loan is paid off. If the borrower defaults on the loan, the trustee can sell the property to satisfy the debt. Deeds of trust are commonly used instead of mortgages in some states because they allow for a quicker foreclosure process.
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This glossary post was last updated: 29th March, 2024.
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