Posted by Michelle_VA on 9/9/04 10:04am
Msg #7586

Difference between deed and deed of trust

Can someone tell me the difference between a deed and a deed of trust?

Reply by Nicholas A Dean Research Services - Bill on 9/9/04 10:56am
Msg #7589

Deed of trust is the same as a mortgage.

A deed (warranty or quit-claim) is the title to the property. It tells who owns it.

Reply by HisHughness on 9/9/04 11:26am
Msg #7592

The same as the difference between a Ford and a Ford Explorer. All Explorers are Fords, not all Fords are Explorers. A deed of trust gives a lender a security interest in the property. With that security interest, the lender can foreclose if necessary. It is called a Deed of Trust because the security interest is held by a trustee, who functions on behalf of the lender. The security instrument (DOT) is also called, in some states, a security deed or a deed to secure debt.

A warranty deed conveys an interest in property and the conveyor warrants that he is conveying an unencumbered title. A quitclaim deed simply says "I give whatever interest I have in this property. If I have no interest, you get no interest." The quitclaim deed does not warrant title.

That will be $150, please.

Reply by BrendaTX on 9/9/04 11:42am
Msg #7595

Check's in the mail, Hugh. :>

Reply by Loretta Reed on 9/9/04 1:52pm
Msg #7598

Michelle,
Are you a notary?

Reply by Julie-MI on 9/9/04 9:17pm
Msg #7636

Very simply

DOT=lien on property

Deed=ownership/title to property

Now I said "very simply."

I could elaborate on the definations, but Hugh did a fine job. I was just keeping things simple!

Reply by HisHughness on 9/9/04 10:15pm
Msg #7640

Re: Very simply

Julie-MI FA SO LA TE DO said:

***I could elaborate on the definations, but Hugh did a fine job. I was just keeping things simple!***

Lawyers and ex-wives always believe they are being paid by the word, even when that is not the case.