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What is a deed of trust? Kiritsis Law Group 212 922 0005

May 13, 2021

By: John Kiritsis, Esq., CPA, MBA, MS, JD, LL.M

A way to secure a debt by deeding the property through a voluntary lien to Trustees; upon a default event on the note, the trustees can foreclose or publicly auction the property. This means that in some jurisdictions, a deed of trust could be a viable alternative to mortgages; this may be especially true in a market environment, where traditional lending conditions are less than ideal. It is important to understand that a property cannot be directly transferred through a deed of trust. A deed of trust was often referred as a trust deed. The rise of securitization practices with their accompanying need for uniformity, have led to the usage of the term trust deed to fall out of favor, in order to avoid confusion. In theory, a deed of trust is usually a different type of a legal instrument than a mortgage. However, in practice a deed of trust, is often referred to as a mortgage, due to their similar functional qualities. To avoid raising a red flag, that could trigger an IRS audit, special care should be made in preparing the tax forms, and it is strongly recommended that the parties involved synchronized tax filings.

 

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