REAL ESTATE DOCUMENTS

REAL ESTATE DOCUMENTS

DEED - A legal paper transferring the ownership of property from one legal party to another.
DEED OF TRUST - Also known as a Trust Deed, is a written document that pledges the title to a piece of property as security for the repayment of a loan. The land owner is called the "trustor"; the person holding the title in trust is the "trustee," and the lender is the "beneficiary."
MORTGAGE - A written document by which land is put up as security for the repayment of a loan. It is unlike a Deed of Trust because in a mortgage, the legal title of the land remains with the mortgagor, while in a Deed of Trust, the legal title is conveyed to the trustee as security. A mortgage, however, has the same effect on the title as a Deed of Trust.
JUNIOR MORTAGE - A mortgage given and/or recorded at a later time than one previously recorded. It is generally called a second mortgage.
RECONVEYANCE - A deed that a trustee executes to transfer a title that has been held by the trustee under a Deed of Trust until the borrower has paid off the debt incurred.
RELEASE - A release is given by a lender in a mortgage when the debt has been repaid.

These are only a few of the many documents real estate professionals can explain more thoroughly and handle in a real estate transaction. Their knowledge of matters such as these illustrates the importance and necessity of seeking expert assistance when buying or selling your home.