Category: Trustee
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You Have One Job: The Narrow Duty of a Trustee Under a Deed of Trust
In states using deeds of trust, a trustee is a third party who holds legal title to a property until the homebuyer or commercial developer pays off a loan associated with the parcel—or until the borrower defaults. When a state’s law allows for deeds of trust as instruments to hold legal title to a property: A lender financing the sale or development…