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Joe from Prep Agent discusses the concept of a trustee. Not everyone needs to be familiar with a trustee, as its significance varies by state. However, if you do need to understand it, there are three key parties involved in trust deeds: trustor, trustee, and beneficiary. The trustor is someone wanting to buy a house but lacks funds. They seek a loan from a bank, which becomes the trustee. The beneficiary is the entity receiving the benefits from the trust deed. Understanding these three parties is crucial in comprehending the role of a trustee in real estate transactions.
