VIEWS: 198 PAGES: 8 CATEGORY: Real Estate POSTED ON: 12/8/2011
This Deed of Trust is an agreement under which a debtor (or borrower) conveys the right of ownership of his or her real property to a trustee (often a title company) as a security for the sum advanced by a lender. The terms of the deed provide that the transfer of legal title to the trustee will be void on the timely payment of the debt. If the borrower defaults on the payment of the debt, the trustee is empowered by the deed to sell the property and pay the lender the proceeds to satisfy the debt. The deed of trust is the document that is recorded in the public records. This document should be used by borrowers or lenders located in New York in the financing of real estate transactions.
"New York Deed of Trust"