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Form deed of trust

Music welcome to next figure notary today we will be discussing the deed of trust the data Trust is the security instrument between the borrower and the lender it essentially goes over in detail what the borrower's obligations are make your payments maintain the property and keep insurance on the property and then what the lender can do if you don't do that which is accelerate and/or foreclose on the look so it goes into detail that process let's take a look at it here we have an example of a Texas deed of trust it can seem intimidating because it is so many pages long but we're gonna go over the basics so that you feel comfortable with it first of all it's called the security instrument it will have the date it will also list the borrower's it'll less the list the original lender their address and the beneficiary another important fact is that it does list a trustee the trustee is responsible for foreclosing on the property of the borrower does not make payments in Texas the deed of trust allows for a non-judicial foreclosure and gives the trustee the power of sale in other words in Texas a lawsuit does not need to be filed in order to start the acceleration foreclosure process page 2 will have lists any additional writers that can be attached to the deed of trust meaning they'll be filed with the deed of trust for example if you have an adjustable-rate in your terms that writer will be attached as well and it will list when and how those interest rates will be changed the third page lists the county that the property is located in and also where the proper deed of trust will be recorded which is in the county then it's located in it lists the legal physical address of the property and the rest basically goes over in detail what we were saying earlier what the borrower's obligations are and what the lender can do if the borrower does not fulfill their obligations once we get near the end you'll find the signing page this is where the burros were sought will sign their name exactly how it appears on the document or how it appears on their license or their ID that they showed you you'll want to check with the lender to see what their preference is then we do have the notary page this is where you'll fill out your section sign and stamp another thing to know is that you will see a witness line Texas does not require witnesses for the data trust though some states do Florida being one of them an interesting fact about Texas is that Texas is a non-disclosure state so you will see here on the first page that it will list the loan amount that the borrower has with the lender but it will not list the sale price the sale price will not be disclosed anywhere on or to the county the county will come out and do their own assessments another thing to be aware of is as we mentioned before DISA trusts are publicly filed with the county where the property is located so this is one of the big reasons why new borrowers get a lot of junk mail and offers for things like filing homestead which in by the way is free in Texas to do our offers from alarm companies etc and those are the basics of a Texas deed of trust thank you for visiting next figure notary we hope that you found this information helpful and that you'll subscribe to our Channel Music