"Trust Deed " is short for "Deed of Trust". A Deed of Trust is a document that is the security instrument that is recorded against a piece of real property that secures a Promissory Note or "Contract to pay" which details the agreement, rights, and responsibilities of all involved in the loan being made between all parties.
There are three parties involved in a Deed of Trust:
The "Trustor(s)" or Borrower(s)" – The person(s) or entity that owns the real property being pledged for Collateral
The "Beneficiary(s)" or Lender(s) – the person(s) or entity that is the actual "Investor" lending the money
The "Trustee" – the person or entity that acts as a third party intermediary who is responsible for overseeing the disposition of the secured instrument.
A "Promissory Note" details the contract of repayment and the rights and responsibilities of both the Borrower and Lender.
A Deed of Trust is the security instrument that secures the Promissory Note against the real property and details the rights and responsibility of both parties as to the protections and collection of the debt. The security instrument is a evidence of debt or a pledge of the real property asset. It details the right to collect and remedy in which the debt is to be collected.
California is a "Rush to the county recorder State". This means that the right or priority of a secured or recorded lien is based on the time and date it is recorded against the real property. Liens can be voluntary or involuntary depending on their nature and also can be prioritized based on written agreement.
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