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Who is usually the trustee in a deed of trust?

Trustees deeds are used when the property is sold through a nonjudicial foreclosure, a private sale that the lender conducts. Quitclaim deeds are often used to transfer property between trusted parties, such as family members.

What is a trustees deed in Michigan?

A Fiduciary Deed, also known as a trustees deed or personal representatives deed, is a legal document used to convey real property from one party (the grantor) to another (the grantee). A fiduciary is a person or entity entrusted with the responsibility to manage and act in the best interests of another party.

What is the meaning of trustees deed?

What is the difference between a Grant Deed and a Deed of Trust? A Grant Deed is an instrument that reflects a change in ownership of real property. A Deed of Trust is an instrument that secures a debt to real property.

What is a trustee deed in Michigan?

Howa trustee deed works A person (the lendee) buys a home and finances it through a bank (the lender). A third partythe trustee, usually an escrow companylegally holds title to the home for the lender as security against the loan.

What is a reasonable trustee fee in Michigan?

Its common for professional trustees (such as banks or trust companies) to charge a percentage of the trusts assets, often around 1% to 1.5% per year. Individual trustees might charge less, especially if they are family members or close friends.