Posted by Stacy (AZ) on July 17, 2001 at 19:00:25:
You’re having a problem with confusing “Trust Deeds” with “Deeds”. Two different beasts.
A deed conveys ownership. It’s the one and only gold nugget, the big kahuna. This is the document used to convey the property into a “land trust”, which is simply a title holding device. Whoever owns the deed, owns the property.
A deed of trust, or trust deed, is a method of attaching, or securing an agreement, such as a promissory note, to the property. A trust deed remains unchanged when taking properties over subject-to. However, the deed gets changed to convey ownershipo of the property to the Land Trust. Who owns the land trust? The beneficiary…which will be you once the seller assigns his beneficial interest to you.
There! That should confuse the heck out of you. (smile) I over-simplified to try to make it easier to understand, and probably made it worse. Oh well.
Stacy