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Music as a real estate attorney it's very common to hear people use the words deed and deed of trust interchangeably as if they mean the same thing let me be very clear they don't they both play very important roles in real estate transactions, but the difference between the two is very significant a deed is a title document it is a document that proves someone has legal title to real property it is also the document that is used to transfer real property from one person or entity to another in real estate circles passing real estate from one to another is usually called a conveyance under Texas law a deed must contain certain terms or language to be effective the document must contain the name of the granter or the term used for the person or entity giving the property the name of the grantee which is the person or entity receiving the property and the granters' signature a description of the property being transferred must also be on the document this is not to say this is the only information that should be on a deed as other problems may arise if it is not done correctly if you are looking to create a deed make sure and have it done professionally to avoid problems while there are various different kinds of deeds such as general warranty needs special warranty deeds and deeds without warranty it is not important right now to understand the difference for purposes of this video suffice it to say that a deed is a deed as a deed and owned in the only difference is the type of warranty the seller gives the buyer now let's move on to the deed of trust the deed of trust is used generally for financing real estate it's a document used in most finance real estate transactions as a common example let's use the purchase of our home not always but usually when a home is purchased it's done through some type of financing the deed of trust is a document that protects the lenders' investment essentially the deed of trust allows the lender to foreclose the property at an auction if the borrower does not pay in a timely manner or if the borrower breaches the agreement for other reasons some in the real estate field call this document the power of sale does this mean that you can't foreclose a property without a deed of trust no not necessarily the problem with the lender not obtaining a deed of trust in Texas is more about money and time without a deed of trust and lender has to file a lawsuit with the district court and could end up in a process that takes thousands of dollars and that could take one to two years to complete in order to avoid having to wait that long to recoup their investment the lender instead should have a deed of trust that allows for a quick sale of the property at the county auction if you have a chance and would like to know more about this process please visit our digital library and take a look at our video named judicial versus non-judicial foreclosure it explains the importance of the deed of trust in more detail as a recap of...
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