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A security deed (also known as a deed to secure debt, loan…

A security deed (also known...
A security deed (also known as a deed to secure debt, loan deed, or warranty deed to secure debt) is the most common form of securing a financing instrument for real estate loans in Georgia. Lenders prefer security deeds over mortgages in Georgia because a mortgage creates only a lien on the property, whereas the security deed is an outright transfer of title to the property to the lender to secure the debt. The conveyance by the borrower splits the title to the property into two components: the legal title held by the lender to secure payment of the debt, and the equitable title held by the owner. The owner also retains a right of redemption; that is, the right to pay off the debt and reacquire the legal title. The owner/borrower retains the right of possession of the property and all rights of ownership except those that interfere with the lender's legal title and any rights given up in the security deed. This concept is called hypothecation: the owner/borrower hypothecates, seeming to “own” the property, but limited by the lender’s rights.If I have a secure deed, how do I obtain the title of the property?
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Answered in 9 minutes by:
3/14/2018
Ray
Ray, Lawyer
Category: Real Estate Law
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Hi and welcome to JA. Ray here to help you today.Please bear with me a few moments while I review your question, conduct and prepare your response.

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Here one you pay of the loan the lender files a written release of lien and you then have clear title.If you were wanting to sell the property the holder of the deed of trust can be paid off as part of closing and such a release be granted and filed.The release of deed of trust lien is the document that once filed gives you clear legal title.I appreciate the chance to help you today.Thanks . If you can positive rate5 stars when we are done it is much appreciated.

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Customer reply replied 4 months ago
How do I know how much is owed on the lien easily? If I pay off the debt, how do I obtain the deed?

The lienholder has to give you the payoff information.If you are selling it here the title company would get that and the release.Understand the amount varies a little per day based on the interest.Once you pay it off they would file the release and send you the deed here.

Ray
Ray, Lawyer
Category: Real Estate Law
Satisfied Customers: 48,134
Experience: Texas Attorney for 30 years dealing in real estate
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Customer reply replied 4 months ago
Thank you.
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