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When someone finances a home, the lender secures the loan to the home by having the borrower sign either a mortgage or a deed of trust. The lender then records the document in the public records were the home is located.Mortgage States and Deed of Trust States. StateMortgage StateDeed of Trust StateIllinoisYYIndianaYIowaYKansasY47 more rows
b) A Deed in Trust is drafted by your attorney and signed by you. The Deed in Trust is recorded with the Register of Deeds in the county in which the property is located and indicates the property has been transferred to the land trust.
Both a warranty deed and deed of trust are used to transfer the title of a property from one person to another. However, the difference between these two contracts is who is protected. As you now know, a deed of trust protects the beneficiary (lender). A warranty deed, on the other hand, protects the property owner.
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.
Both a warranty deed and deed of trust are used to transfer the title of a property from one person to another. However, the difference between these two contracts is who is protected. As you now know, a deed of trust protects the beneficiary (lender). A warranty deed, on the other hand, protects the property owner.
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A deed of trust is an agreement between a home buyer and a lender at the closing of a property. It states that the home buyer will repay the loan and that the mortgage lender will hold the legal title to the property until the loan is fully paid.
In Illinois, land trusts have been around, in some form or another since 1868. From the first case recognizing the validity of these trust instruments in Kerr v. Kotz in 1920, Illinois Courts have upheld the entity as a legal manner of holding real estate.
How to Use This Chart StatePreferred Type of Security Instrument UsedIdahoWhile both mortgages and deeds of trust are permitted, deeds of trust are most commonly used. (Idaho Code 45-1503.)IllinoisA mortgage secures a lien on real property. (765 ILCS 905/5.)49 more rows
b) A Deed in Trust is drafted by your attorney and signed by you. The Deed in Trust is recorded with the Register of Deeds in the county in which the property is located and indicates the property has been transferred to the land trust.
In Colorado, the Public Trustee processes releases of Deeds of Trust upon payoff or re-finance of a property loan. Recording the release of the corresponding Deed of Trustee lien signifies that the lien is satisfied.

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