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The Deed of Trust is the document used in many Southern states in place of a mortgage to indicate that there is a promissory note (debt) on the property. The Deed of Trust outlines all loan terms and who the borrower and lender are as well as the property used to secure the mortgage. This document also notes if there are any riders, which are document addendums that apply to non-standard mortgages such as adjustable rate mortgages or loans with balloon payments.
The Deed of Trust also outlines key requirements the borrower is required to satisfy including obtaining hazard insurance and occupying the property, depending on the loan type. This document helps you understand how your mortgage works so we recommend that you carefully review the Deed of Trust before signing it. This is also the document you should refer to if you have any questions about your loan or payment after closing. Please note that this is an example Deed of Trust document that should be used for informational purposes only.