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Joe from Prep Agent discusses the concept of a trustee, noting its varying importance across different states. In simple terms, a trust deed involves three parties: trustor, trustee, and beneficiary. The trustor is the individual seeking a loan to purchase a house, while the trustee manages the loan on behalf of the bank or lender. The beneficiary is the bank or lender granting the loan. Understanding these three parties is crucial in grasping the trust deed concept.
