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Joe from Prep Agent discusses the concept of a trustee, which may be necessary for real estate transactions in certain states. Trust deeds involve three parties: trustor, trustee, and beneficiary. The trustor is the individual seeking to purchase a property but lacks sufficient funds. They approach a bank for a loan and become the trustor. The trustee is a neutral third party responsible for overseeing the trust deed, while the beneficiary is the party who will ultimately benefit from the transaction. Understanding these roles is essential in real estate transactions.
