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When a person takes the responsibility of a loan, he or she creates a deed of trust that allows the guarantee or collateral of a property as security. A grantor creates a special warranty deed in which it is assured that the property in title should be protected from any defects and not be hampered as long as it is there under the grantor’s ownership. Below are answers to few of the more common legal questions about deed of trust: If there is a short sale, is it necessary for both parties who are involved in a trust deed to sign off? Do you have to seal and notarize the document for it to be valid and legal?
Generally, the state laws on short sales may differ. For instance, in Texas, if anyone wants the transfer of the title to take place smoothly, then as per the Texas law, both parties concerned needs to sign off when there is a short sale. This is because it involves the transfer of property. Similarly in Virginia, if you want a deed to be valid, there are specific requirements that you would need to fulfill. First, the deed document should contain the accurate legal description and consideration. Secondly, you would need to have it in writing. Moreover, it is very important that the document should be notarized and you must have the grantor’s signature on it. You must make sure that when you are notarizing an official document by a notary, a seal should be present on all of them. Usually, you can seal the document using an ink or embossed stamp. This would make the document valid. If the deed along with all other mortgage related papers is lost by the bank, what is the possible alternative option for that?
Usually, the bank would not be able to claim a valid lien on your property, neither can it take any action against you, if it has lost or misplaced any of your mortgage related papers and deed of trust. Therefore, in a situation like this, you have two possible options. One is a proactive approach, while the other is a reactive one. According to the proactive approach, you could file a case against the bank and request the court to transfer the title on your name by releasing the property from the bank. Under the reactive approach, you may continue paying off your mortgage as usual. However, if the bank tries to foreclose on your property, then in that case, you should be able to challenge the foreclosure as there is no documentation available to the bank as evidence for your mortgage. Do I need to approach the bank to get a copy of my deed?
In order to get a copy of the deed, you do not need to approach the bank. You can go to the land records clerk’s office and request them to provide you with a copy. This is because it is recorded in the land records of the county, which is based on the country where the property is located. Therefore, all you would need is a copy of your promissory note, which your lender can provide for you. In order to get the full copy of your loan documents, you would have to send a brief letter requesting for the same. A deed of trust issues a guarantee or offers a security on a loan obligation. Like every other legal document, it should always be created in a written format, signed and notarized in order to be valid. If you need any clarification about your particular situation on the subject, you may wish to ask a real estate lawyer for legal insight based on an expert evaluation of your circumstances.
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