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Second Trust Deed for the United States

Second Trust Deed Template for United States

A Second Trust Deed is a legal document used in the United States that creates a secondary security interest in real property, subordinate to an existing first trust deed. It provides the lender with a secured interest in the property while acknowledging the superior rights of the first trust deed holder. This document includes terms for default, remedies, and the specific obligations of all parties involved, conforming to both state and federal regulations governing real estate secured transactions.

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Second Trust Deed

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What is a Second Trust Deed?

A Second Trust Deed is utilized when property owners seek additional financing while maintaining an existing first mortgage or trust deed. This document is particularly common in the United States real estate market when property owners need to access equity without refinancing their primary loan. The Second Trust Deed establishes the lender's security interest in the property, defines payment terms, specifies default conditions, and outlines remedies, all while acknowledging its subordinate position to the first trust deed. It must comply with state-specific real estate laws and federal lending regulations.

What sections should be included in a Second Trust Deed?

1. Parties: Identification of Trustor (borrower), Trustee, and Beneficiary (lender)

2. Background: Description of the loan arrangement and acknowledgment of first trust deed

3. Definitions: Key terms used throughout the document

4. Property Description: Legal description of the secured property

5. Secured Obligations: Details of the debt being secured

6. Default Provisions: Circumstances constituting default and consequences

7. Remedies: Lender's rights upon default

What sections are optional to include in a Second Trust Deed?

1. Due-on-Sale Clause: Provision making the loan due upon sale of property - used when lender wants to prevent property transfer without loan payoff

2. Insurance Requirements: Specific insurance obligations of the borrower - used when lender has specific insurance requirements

3. Cross-Default Provisions: Default on first deed triggers default on second - used when lender wants additional protection

What schedules should be included in a Second Trust Deed?

1. Property Description Schedule: Detailed legal description of the property

2. Promissory Note: Copy of the underlying note being secured

3. First Trust Deed Summary: Summary of the senior lien terms

4. Payment Schedule: Detailed repayment terms and schedule

Authors

Alex Denne

Head of Growth (Open Source Law) @ ¶¶Òõ¶ÌÊÓÆµ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Jurisdiction

United States

Document Type

Trust Deed

Cost

Free to use
Clauses






























Industries

State Property Laws: Individual state laws governing real property transactions, including trust deed requirements, recording statutes, and property rights

Truth in Lending Act (TILA): Federal law requiring disclosure of credit terms and standardized calculation methods for the cost of credit

Real Estate Settlement Procedures Act (RESPA): Federal law governing real estate settlement processes, requiring specific disclosures and prohibiting certain practices in real estate transactions

Equal Credit Opportunity Act (ECOA): Federal law prohibiting discrimination in lending practices based on race, color, religion, national origin, sex, marital status, or age

Fair Housing Act: Federal law prohibiting discrimination in real estate transactions, including mortgage lending

State Foreclosure Laws: State-specific regulations governing the foreclosure process, including notice requirements and borrower rights

State Usury Laws: State regulations limiting maximum interest rates and governing loan terms

Priority of Liens: Legal principles determining the order of priority among multiple lienholders, particularly relevant for second trust deeds

County Recording Requirements: Local regulations governing how trust deeds must be recorded, including format, content, and filing procedures

UCC Secured Transactions: Uniform Commercial Code provisions governing secured transactions that may affect trust deed terms and enforcement

Due-on-Sale Clauses: Provisions allowing lender to accelerate loan payment if property is sold or transferred without lender's consent

Power of Sale Provisions: Clauses granting the trustee the right to sell the property in case of default without court intervention

Acceleration Clauses: Provisions allowing lender to demand full payment of loan under specified circumstances of default

Teams

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