How do I get a deed of trust in California?
If you do not have a current legal description or a deed with the legal description (in which case, it is recommended you confer with an attorney), you may obtain it from your local Recorder’s Office or Registrar of Deed’s Office. Now, the “Original Principal Sum” of the mortgage or loan must be recorded.
What is a trustee deed in California?
A trustee deed—sometimes called a deed of trust or a trust deed—is a legal document created when someone purchases real estate in a trust deed state, such as California (check your local laws to see what is required in your state). A trust deed is used in place of a mortgage.
Who is the trustee on a deed of trust in California?
In California, a deed of trust is used as a mortgage alternative to secure a loan for real property. The borrower is the trustor of a deed of trust, and a trustee (usually an agent of the lending institution) is named as grantee, with the lending institution (secured lender) as the beneficiary (Cal. Civ.
Does California use a deed of trust?
If real property is utilized to secure a loan, it is usually achieved by executing a mortgage or, in California, a Deed of Trust.
How long is a deed of trust good for in California?
California Civil Code §882.020 provides that a DOT has a statute of limitations of 60 years following the DOT’s recording if the DOT neither includes a copy of an underlying promissory note nor indicates the date the obligation matured. Otherwise, the statute of limitations is 10 years from the maturity date.
What does a trustee’s deed do?
Trustee’s deeds convey real estate out of a trust. Depending on the circumstances, they may or may not include warranty to the title. This type of conveyance is named for the person using the form – the trustee – who stands in for the beneficiary of the trust and holds title to the property.
Do mortgage liens expire in California?
Time Limits. California law gives judgment liens a 10-year life-cycle. Once the judgment is declared it may take weeks before the creditor finally gets the lien officially recorded in the county registry of deeds. The 10-year run starts from when the court issues its judgment.
Who signs the deed of trust?
The deed of trust is used to create a lien in favor of the mortgage lender. All owners of the real estate must sign the deed of trust. In some states, a non-owner spouse must also sign. Normally, the president and secretary of a corporation have the authority to bind the company.
What is the trustee in a deed of trust?
The trustee is typically an entity such as a title company that holds “power of sale” in the event that the borrower defaults. The trustee also reconveys the property to the buyer once the deed of trust is paid off in full.
What is a trustee warranty deed?
A warranty deed conveys ownership from the seller of a property to the new owner and certifies that the title is free from other claims, unless explicitly stated. A trustee deed lets a third party hold the title as collateral for the home loan.
What is a trustee real estate sale?
A trustee sale is a public auction at which a piece of real estate is sold. These sales are held when people default on their mortgages and the lenders take possession of the property, and they are also held when people fail to pay their property taxes and the taxing authority takes the property.