How to Transfer Deeds of Trust
In some states, purchasing property on credit is accomplished by trust deed instead of a mortgage. When you finance a property purchase using a trust deed, the property's legal title is vested in a third party, not with the borrower or lender. If the borrower fails to pay the lender, the third party forecloses on the property by a power of sale. If you have purchased property using a trust deed and wish to sell or otherwise convey the property, you must do so by filing an assignment of deed of trust form.
Other People Are Reading
Instructions
-
-
1
Obtain an assignment of deed of trust form from your local county recorder or state bar association.
-
2
Fill out the assignment of deed of trust form. The transferor of the property must provide the identity of the person receiving the property, the date the original deed of trust was executed and the names of the parties to the original deed of trust. Provide information identifying where the original deed of trust was executed, including the county, instrument number, book number and page number. Provide the description of the land covered by the deed of trust that appears in the original deed of trust.
-
-
3
Notarize the assignment of deed of trust form. Sign the assignment of deed of trust form in the presence of a notary.
-
4
Record the assignment of deed of trust form with the county recorder for the county where the property is located. While the recording fee varies by state and county, the cost of recording an assignment of deed of trust runs between $5 and $20.
-
1
