Types of Real Estate Documents
Assignment of Deed
Assignment of Deed is used to show the deed switching from one party to another, such as when a sale is made. Continue reading
Bill of Sale
The seller makes this legal document to the purchaser in an agreement, such as for the transfer of ownership of property. This document acts as a report of the sale giving the specific date, location and amount of money in which the seller receives for the property from the buyer. Continue reading
Declaration of Homestead
Declaration of Homestead is a type of protection for a person’s home. The form is filed at the registry of deeds in the county where the property is located and it references the title or deed to the property. It can also allow the homeowner to protect their property up to a certain amount of the value of their primary residence. Only one residence per family may be registered. Continue reading
Deed in Lieu of Foreclosure
Trustee Deed in Lieu of Foreclosure is a process where the mortgagor transfers the title voluntarily to the lender in exchange for a release from all obligations of the mortgage note. Basically you give back the property before it is taken from you because you are unable to pay. Continue reading
Deed of Trust
The Deed of Trust is the security for your loan. It is also the document that will be recorded in the public records about your loan. The Bill of Sale is also listed in the records. It shows specific details about the sale and is kind of like a purchase receipt.
If you’ve never seen or read a deed of trust note or form, you may have some questions about what it really is and how it works. This is the security for your loan so it’s important that you know what it means. There are basically three parties that are included in this deed: the borrower or trustor, the trustee who has the legal title and the beneficiary, which is the lender. Continue reading