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How does a trust work in Pennsylvania?

In Pennsylvania, a living trust is a legal agreement in which the testators assets, including bank accounts, home, securities, etc., can be transferred and handled by an individual, including the testator, or corporation, such as a trust or bank. The person or company managing the trust is called a trustee.

Who can prepare a deed in Pennsylvania?

Every state is different, in Pennsylvania, an attorney can prepare a deed and when there is title insurance issued a settlement firm may prepare deed as well. Your deed must be recorded as quickly as possible in the land records office (Recorder of Deeds) of your County.

What states use deed of trust vs mortgage?

In Alabama, Arizona, Arkansas, Illinois, Kentucky, Maryland, Michigan, Montana and South Dakota, the lender has the choice of either a mortgage or deed of trust. In any other state, you must have a mortgage.

Is PA a deed of trust state?

Focusing on this geographical region, the Deed of Trust is the preferred or required security instrument for real property in the following states: Maryland, North Carolina, Tennessee, Virginia and West Virginia. Mortgages are used in Kentucky, Ohio and Pennsylvania.

Does Pennsylvania use deed of trust?

A Deed to Trust form used to transfer the grantors title and interest in real property in Pennsylvania to a trustee of a trust for the grantors benefit. This standard document allows the drafter to choose between warranty and quitclaim deed language.

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