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In this installment of the Closing Ninja Classroom, Brett Thompson from Thompson Law Group discusses the distinction between mortgages and deeds of trust, specifically in the context of Virginia, which operates as a deed of trust state. He explains that in both cases, a borrower seeks money from a lender and signs a promissory note at closing, agreeing to repay the lender. In a mortgage state, the borrower provides an additional mortgage document that creates a lien on the property. However, in Virginia, borrowers utilize a deed of trust instead, which serves a similar purpose of securing the loan. Thompson aims to clarify these differences in this tutorial.
