Posted on: 11th Feb, 2009 10:01 pm
My daughter is in th eprocess of a divorce (Texas). She is conveying her interest in the home by a special warranty deed. Her lawyer prepared a deed of trust with her as the beneficiary and husband as the Grantor. Her attorney as trustee. There is a first lien note on the proterty. The deed is very wordy. Can you explain this in laymens terms. Thanks.
Hi mbpary,
A deed of trust is an agreement between a lender and a borrower. It helps to transfer the interest in the borrower's land to a third party, a trustee, to secure the payments of a debt by the borrower.
But as it is a legal document, it will be better if you can ask your attorney to explain it to you.
A deed of trust is an agreement between a lender and a borrower. It helps to transfer the interest in the borrower's land to a third party, a trustee, to secure the payments of a debt by the borrower.
But as it is a legal document, it will be better if you can ask your attorney to explain it to you.