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    bobgolf's Avatar
    bobgolf Posts: 1, Reputation: 1
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    #1

    Jan 7, 2008, 12:53 PM
    Deed of Trust
    If I execute a deed of trust do I need to do a closing or do I wait until the last payment is made. Also, do I need a mortgage or promisory note to go with it.
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
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    #2

    Jan 7, 2008, 01:08 PM
    The deed of trust takes the place of the mortgage, but you should include a promissory note. Basically a deed of trust conveys title to a third party who is responsible for reconveying the property when the loan is paid in full. This site might help:

    Deed of Trust - What is a Trust Deed? - Who is the Trustee?
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