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Joe from Prep Agent discusses the role of a trustee, highlighting that not everyone needs to know about trustees as their usage varies by state. Trust deeds involve three parties: trustor, trustee, and beneficiary. The trustor is someone looking to buy a house but lacks funds. They approach the bank for a loan. The trustee holds legal title to the property and oversees the trust's operations. The beneficiary is the party who benefits from the trust. It's crucial to understand these roles in real estate transactions.
