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A deed of trust is a type of secured real-estate transaction that some states use instead of mortgages. See State Property Statutes. A deed of trust involves three parties: a lender, a borrower, and a trustee. The lender gives the borrower money. In exchange, the borrower gives the lender one or more promissory notes.
A legal document (which may be a deed or other instrument) that creates a trust. The trust document appoints the trustees and states the terms of the trust, including who the beneficiaries are and the trust property that will be subject to the trust.
A trust has the following characteristics: The trust assets constitute a separate fund and are not a part of the trustee's own estate. Legal title to the trust assets stands in the name of the trustee, or in the name of another person on behalf of the trustee.
A trustee deed\u2014sometimes called a deed of trust or a trust deed\u2014is a legal document created when someone purchases real estate in a trust deed state, such as California (check your local laws to see what is required in your state). A trust deed is used in place of a mortgage.
State Transfer Tax Rate \u2013 $3.75 for every $500 of value transferred. County Transfer Tax Rate \u2013 $0.55 for every $500 of value transferred.
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You cannot simply add someone to the deed in most cases, and it will require a change in the form of the deed on the property. You will have to file a quitclaim deed and then file a new deed with joint ownership.
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 single name cases (as opposed to situations where both owners' names are on the deeds) the starting point is that the 'non-owner' (the party whose name is not on the deeds) has no rights over the property.
The process for transferring Michigan real estate usually involves four steps: Find the most recent deed to the property. ... Create the new deed. ... Sign and notarize the deed. ... File the deed in the county land records.
Title companies generally complete and file the Property Transfer Affidavit at the time of closing however; it is the responsibility of the buyer, grantee, or a transferee of the property to ensure that the form has been filed.

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