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Commonly Asked Questions about Mississippi Deed of Trust Forms

Differences. Number of parties: With a mortgage, there are just two parties you and your lender. Under a deed of trust, there are three: you, your lender, and a trustee (often a title company). Foreclosure process: Mortgages typically go through a judicial foreclosure process, through your county court system.
A deed of trust is a document used in real estate transactions. It represents an agreement between the borrower and a lender to have the property held in trust by a neutral and independent third party until the loan is paid off.
State-by-State Guide StateMortgage StateDeed of Trust State Minnesota Y Mississippi Y Missouri Y Montana Y Y47 more rows Apr 11, 2024
Deeds of trust are the most common instrument used in the financing of real estate purchases in Alaska, Arizona, California, Colorado, the District of Columbia, Idaho, Maryland, Mississippi, Missouri, Montana, Nebraska, Nevada, North Carolina, Oregon, Tennessee, Texas, Utah, Virginia, Washington, and West Virginia,
A deed of trust, also known as a trust deed, is a document sometimes used in financed real estate transactions, generally instead of a mortgage. A deed is a signed legal document that transfers the title of an asset to a new holder, granting them the privilege of ownership.
It is used to transfer ownership of a property from one owner to another. To file the deed, bring the deed and a $26 fee in the form of cash or check to the Chancery Clerk office. If the deed is more than five pages long, an additional fee of $1 per page will be charged upon filing.
A search of records in the Chancery Clerks office will determine outstanding mortgages, taxes, or other liens and whether the seller has legal title to the property. Any attorney or title company can do a title search and prepare your deed.
What is the Difference Between a Deed and a Deed of Trust? The primary difference between a deed and a deed of trust is the purpose of each document. A deed transfers ownership of a property from one party to another, while a deed of trust secures a loan on a property.