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In real estate in the United States, a deed of trust or trust deed is a deed wherein ''legal'' title in real property is transferred to a trustee, which holds it as security for a loan (debt) between a borrower and lender. The ''equitable'' title remains with the borrower. The borrower is referred to as the trustor, while the lender is referred to as the beneficiary. == Overview == Transactions involving deeds of trust are normally structured, at least in theory, so that the lender/beneficiary gives the borrower/trustor the money to buy the property; the borrower/trustor tenders the money to the seller; the seller executes a grant deed giving the property to the borrower/trustor; and the borrower/trustor immediately executes a deed of trust giving the property to the trustee to be held in trust for the lender/beneficiary. In reality, an escrow holder is always used so that the transaction does not close until the escrow holder has the funds, grant deed, and deed of trust in their possession, so that the transaction can be "rolled back" if one party is unable to complete its part of the deal. Deeds of trust differ from mortgages in that deeds of trust always involve at least three parties, where the third party holds the legal title, while in the context of mortgages, the mortgagor gives legal title directly to the mortgagee.〔''Dupee v. Rose'', 10 Utah 305, 37 Pac. 567 (1894). This case mentions the difference between three-party deeds of trust and two-party mortgages.〕 In either case, ''equitable'' title remains with the borrower. Both mortgages and deeds of trust are essentially security instruments in the form of conveyances; that is, they appear to provide on their face for absolute conveyances of legal title, but it is implicitly understood that the borrower is retaining equitable title and the conveyance is intended to merely create a security interest. This confusing situation is a legacy of the archaic (and now-obsolete) common law requirement of livery of seisin, under which English common law courts had refused to enforce shifting fees (that is, a gage for years that was supposed to automatically expand to fee simple title if the underlying debt was not repaid). A deed of trust is normally recorded with the recorder or county clerk for the county where the property is located as evidence of and security for the debt. The act of recording provides constructive notice to the world that the property has been encumbered.〔''Pacific Trust Co. TTEE v. Fidelity Federal Sav. & Loan Ass'n'', 184 Cal. App. 3d 817, 229 Cal. Rptr. 269 (1986).〕 When the debt is fully paid, the beneficiary is required by law to promptly direct the trustee to transfer the property back to the trustor by reconveyance, thus releasing the security for the debt.〔''Bartold v. Glendale Federal Bank'', 81 Cal. App. 4th 816, 97 Cal. Rptr. 2d 226 (2000).〕 Deeds of trust are the most common instrument used in the financing of real estate purchases in Alaska, Arizona, California, Colorado, the District of Columbia, Idaho, Maryland, Mississippi, Missouri, Montana, Nebraska, Nevada, North Carolina, Oregon, Tennessee, Texas, Utah, Virginia, Washington, and West Virginia, whereas most other states use mortgages. Besides purchases, deeds of trust can also be used for loans made for other kinds of purposes where real estate is merely offered as collateral, and are also used to secure performance of contracts other than loans. 抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』 ■ウィキペディアで「Deed of trust (real estate)」の詳細全文を読む スポンサード リンク
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