A Seller Financed Deed of Trust is commonly used in U.S. real estate transactions where traditional bank financing is not utilized or preferred. This document is particularly relevant when property sellers wish to finance the purchase themselves, creating a security interest in the property while maintaining certain rights and protections. The deed of trust serves as collateral for a promissory note, detailing payment terms, default provisions, and remedies. It differs from a mortgage in that it involves three parties and typically allows for non-judicial foreclosure in many states.
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1. Parties: Identification of Trustor (borrower), Trustee, and Beneficiary (seller-lender)
2. Background: Context of the transaction and reference to the promissory note
3. Definitions: Key terms used throughout the document including property, note, and security interest definitions
4. Property Description: Legal description of the secured property and its location
5. Security Agreement: Terms of the security interest in the property and rights conveyed
6. Payment Terms: Repayment schedule, interest rates, and payment conditions
7. Insurance and Taxes: Requirements for property insurance and payment of property taxes
8. Default Provisions: Events of default, remedies, and foreclosure procedures
9. Covenants and Warranties: Promises and obligations of the borrower regarding property maintenance and use
10. Governing Law: Applicable state law and jurisdiction
1. Due-on-Sale Clause: Optional provision that accelerates the debt upon sale or transfer of the property
2. Subordination Provisions: Terms for subordinating this deed of trust to future liens or refinancing
3. Escrow Requirements: Optional provisions for establishing and maintaining tax and insurance escrow accounts
4. Late Payment Provisions: Specific terms and penalties for late payments
5. Prepayment Provisions: Terms and conditions for early payoff or additional principal payments
1. Schedule A - Property Description: Detailed legal description of the property including boundaries and easements
2. Schedule B - Payment Schedule: Detailed amortization schedule showing payment breakdown over the loan term
3. Schedule C - Insurance Requirements: Specific insurance requirements including types of coverage and minimum amounts
4. Schedule D - Required Notices: State-specific required notices and disclosures
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