Estate Law Questions? Ask an Estate Lawyer.
Basically - they are one and the same. However there are slight differences.
In real estate, a trust deed or deed of trust, is a document wherein specific financial interest in the title to real property is held by a trustee, which holds it as security for a loan. When the loan is fully paid, the monetary claim on the title is transferred to the borrower by reconveyance. If the borrower defaults on the loan, the trustee has the right to foreclose on and transfer title to the lender or sell the property to pay the lender from the proceeds. Trust deeds are the the most common instrument used in the of financing real estate purchases in Alaska, Arizona, California, Colorado, Georgia, Idaho, Illinois, Mississippi, Missouri, Montana, North Carolina, Texas, Virginia, and West Virginia whereas most other states use mortgages. Deeds of trust can also be for loans made for other purposes but where real estate is used for collateral.
In law, a lien is a form of security interest granted over an item of property to secure the payment of a debt or performance of some other obligation. The owner of the property, who grants the lien, is referred to as the lienor and the person who has the benefit of the lien is referred to as the lienee.In the United States, the term lien generally refers to a wide range of encumbrances and would include other forms of mortgage or charge. In the U.S., a lien characteristically refers to non-possessory security interests
IM GETTING A LOAN FROM A PRIVATE PARTY AND WOULD LIKE TO GIVE THEM A LIEN UNTIL THE LOAN IS PAID.
IM THINKING THAT WOULD PROTECT MY PROPRETY FROM BEING TAKEN.
WHAT WOULD YOU RECOMMEND I DO I HAVE PROPERTY AND WANT TO IMPROVE ON IT I OWN IT I HAVE A FREIND THAT WILL LEND ME THE MONEY TO IMPROVE I WANT TO GIVE THEM A LIEN ON THE HOUSE UNTIL PAID.
I ALSO GOT A LETTER YESTERDAY THAT IS MAYBE A LAW SUIT AND I WANT TO IMPROVE AND MOVE FORWARD BUT I WANT ALL OF THIS TO BE LEGAL.
I WAS TOLD THAT IF I DO A QUICK CALIM DEED IT WOULD NOT BE VALID AND THEY COULD TAKE MY PROPERTY.
From the information you just supplied, I am assuming that there is a judgment out there on you and they are trying to collect or there is the initiation of a new lawsuit which you are presuming you will lose and then owe them money.
Either way, to possibly beat the situation would be to establish a new deed with joint ownership or tenants in common - your name on the deed and the lender's name on the deed.
If you transfer money or assets in circumvention of the judgment creditor trying to collect they may be able to set aside the transfer you made. It all depends on what type of judgment your trying to evade and who is the judgment creditor.
WHAT IS THE FORM CALLED AND WHERE DO I GET IT?AND WHERE DO I TAKE IT?
IF I LOSE THE LAW SUIT HOW WOULD THAT PREVENT THEM FROM TAKING MY LAND.BY HAVING THE NEW DEED.ALL I HAVE IS MY PROPERTY.
First, you must get a copy of the deed transferring the property into your name by going to the Recorder of Deeds within the county where the property is. Then take that deed to a local realty agency and ask them who does closing or a local attorney office and they will prepare the new deed for you. You then take that deed down to the Recorders Office and record it and paying them the recording fees.
You might be better off entirely by recording a new mortgage or loan against the property - almost it's entire value - on behalf of the friend/lender. That would make them have priority over anyone else or other creditors. This is your best bet given the information you told me.
THE LAND IS WORTH 200,000 THEY ARE GOING TO LEND ME 100,000 FOR A HOUSE.I OWN THE LAND.I WOULD THEN PAY THEM BACK.
I DID GET A LETTER YESTERDAY TELLING ME OF A POTENTIAL SUIT.SO WITH THAT CAN I STILL TRANSFER THE DEED.I WOULD HATE FOR THE FRIEND TO HAVE TROUBLE IF I LOST THE CASE
WHERE DO I GO TO PREPARE A NEW MORGAGE.
COULD I SELL THE PROPERTY TO THEM .AT THIS POINT.
YOU SAID EARLIER ANYTHING THAT IS NOT RECORDED
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