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Working in a legal firm that generates legitimate documents for others can be quite difficult because a small mistake may ruin the entire business, firm, or concerned purpose of the customer. Many a time, you stay busy catering your business requirements and couldn’t get time to make promissory notes that can work as a legal documentation proof. The readymade Assignment of Promissory Note Template available over the web helps you to stay safe from monetary scams and frauds by mentioning every single thing in detail.

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Assignment of Deed of Trust (CA)

This template is an assignment of a deed of trust, specifically, a promissory note (mortgage interest) held by the settlor(s) in a particular piece of real property to the revocable trust of the settlor(s). It is for use in California. This template includes practical guidance and drafting notes. Although the assignment of a promissory note carries with it the security, best practices call for counsel to transfer both the note and the security interest to the client's revocable trust. Recording the assignment in the county where the real property is situated protects the priority of the trust's security interest over subsequent assignments of the note. However, recording alone does not constitute notice to the payor(s). Accordingly, the settlor(s) should provide the payor(s) written notice to make future payments to the trustee(s) of the revocable trust. For a full listing of key content related to estate plans for married or partnered people in California, see Estate Plan for Individual with Spouse or Partner Resource Kit (CA). For more information on trusts, see Characteristics and Uses of Trusts (CA). For a promissory note assignment, see Assignment of Promissory Note with Acknowledgement of Assignment (CA). For county transfer templates, see Preliminary Change of Ownership Report (CA) and Transfer Tax Affidavit (CA). Counsel may also wish to reference the Asset Transfer Checklist (Trust) (CA).

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Deed of Trust and Promissory Note

Templates and forms.

A deed of trust, also called a trust deed, is the functional equivalent of a mortgage. It does not transfer the ownership of real property, as the typical deed does. Like a mortgage, a trust deed makes a piece of real property security (collateral) for a loan. If the loan is not repaid on time, the lender can foreclose on and sell the property and use the proceeds to pay off the loan.

Deed of trust is not used for transferring property to a trust A trust deed is not used to transfer property to a living trust (use a Grant Deed for that). Other than the terminology, trust deeds and living trusts have nothing in common. A living trust is used to avoid probate, not to provide security for a loan. Visit our page on Estate Planning for more information on that topic.

A trust deed is always used together with a promissory note (also called “prom note”) that sets out the amount and terms of the loan. The property owner signs the note, which is a written promise to repay the borrowed money.

A trust deed gives the third-party “trustee” (usually a title company or real estate broker) legal ownership of the property. This means that the trustee has no control over the property as long as the borrower (aka property owner or “trustor”) makes the agreed-upon loan payments and keeps the other promises in the trust deed. If the borrower defaults, however, the trustee has the power to sell the property to pay off the loan without having to file an action in court. The lender (also known as “beneficiary”) is then repaid from the proceeds.

Step-by-Step Instructions

Determine the parties to the agreement.

There will be three parties to these agreements. Identifying these parties ahead of time will make it easier to complete the forms.

Beneficiary

The beneficiary, more commonly known as the lender, is the person or company that lends the borrower money, and who will be entitled to be repaid from the proceeds of a foreclosure. If the lender is a corporation, be sure to include language such as “Lender is a corporation organized and existing under the laws of California” in your documents.

Borrower(s)

If there are two or more borrowers, they will be borrowing the money “jointly and severally.” This means each debtor is responsible (liable) for the entire amount of the debt. A creditor may collect from whichever debtor has the “deep pocket” (lots of money); the debtor who pays may demand contributions from the other debtors. Joint borrowers will want to carefully consider whether or not they wish to be jointly responsible with their co-borrower.

When the property used as security for the loan is owned by more than one person, you may want to consider who you will name as borrowers and owners of the property on the deed of trust. The names of  all  owners of the property, and their spouses, must be included to give the entire property (all owners’ interests in the property) as security. A co-owner can only give as security his or her interest in the property. In other words, a lender wants to be sure that all owners and their spouses sign the deed of trust as a condition of lending the money (unless the lender is willing to take as security one co-owner’s interest in property).

When a bank or savings and loan finances the purchase of real estate, the trustee is almost always a title or trust company. Sometimes real estate brokers act as trustees. Attorneys commonly write in the name of a title company as trustee on a trust deed, without consulting the title company. Title companies even give out trust deed forms with their names already printed in the “trustee” space. They don’t mind being named as trustee because a trustee has nothing to do unless the borrower defaults. If that happens, most title or escrow companies turn the deed over to a professional foreclosure firm.

Prepare the Deed of Trust and Promissory Note

The Deed of Trust and Promissory Note must be in a format that the Sacramento County Clerk/Recorder’s Office will accept. Customizable templates may be downloaded from these links:

• Promissory Note
• Deed of Trust

Sample filled-in forms with instructions are available at the end of this Guide.

Get the Signatures Notarized

Notarization is required before recording these documents with the County Recorder. The notary’s acknowledgment of the trustor’s signature is formal proof that the signature is genuine. You can find a notary at your bank, a mailing service, or in the Yellow Pages. with instructions are available at the end of this Guide.

Record the Signed Documents at the County Recorder’s Office

Take the original signed and notarized Deed of Trust and Promissory Note to the County Recorder’s Office for the county where the property is located. In Sacramento, this is at 3636 American River Drive, Ste. 110, Sacramento CA 95864. You will need to pay a fee (you can check the current recording fees in Sacramento ). The clerk in the recorder’s office will take your original documents and stamp them with the date, time, a filing number, and book and page numbers. The original documents will be mailed back to you. Note: trust deeds are exempt from the documentary transfer tax.  California Revenue and Taxation Code § 11921 .

What Happens Next?

If the borrower pays off the loan without defaulting (as happens in most cases), the beneficiary (lender) will request the trustee execute and record a deed reconveying the property to the borrower. You can find a  Deed of Full Reconveyance  on the Find A Form page of our website.

For more Information

At the law library:.

Deeds for California Real Estate KFC 170 .R36 (Self Help)

The Deed of Trust must be in a format the Sacramento County Recorder’s Office will accept. See the sample templates of the Deed of Trust and the Promissory Note below.

This material is intended as general information only. Your case may have factors requiring different procedures or forms. The information and instructions are provided for use in the Sacramento County Superior Court. Please keep in mind that each court may have different requirements. If you need further assistance consult a lawyer.

Can You Assign a Promissory Note

“Can you assign a promissory note?” is a request you need to make to someone who promises to pay you a certain amount of money at a later date. 3 min read

“Can you assign a promissory note?” is a request you need to make to someone who promises to pay you a certain amount of money at a later date. While it is not as formal as a contract, a promissory note is legally binding, meaning that the promisee is entitled to take legal action if the promisor fails to make the specified payment.

What Is a Promissory Note?

A promissory note refers to a written document stating that a certain amount of money will be paid to someone by a specified date. Generally, it is not necessary for the note to be recorded officially. The borrower is required to sign the note, but the lender may choose not to sign it. A promissory note is a legally binding note that is often used between parties who know each other personally, and it is totally customizable.

Using a Promissory Note to Pledge Collateral

Collateral refers to property pledged to ensure that a loan will be repaid. Take the following measures when collateral is pledged with a promissory note:

• If you are the lender, make sure the borrower upholds the terms stated in the promissory note. Also, the interest specified in the note must be legal.
• If you are the borrower, issue the promissory note to the institution or individual that needs it to obtain a loan for you. This should be done with an addendum stating the assignment of your rights or the completion of the assignment paperwork required by the lender.

Theoretically, a lender will only be willing to accept a promissory note as a form of collateral if you have satisfied at least part of the promise stated in the note. This means that you must have already paid back some money in accordance with the terms of your promissory note.

Using an Assignment of Deed of Trust

The purpose of a trust deed investment is to generate a greater return on your money on top of the amount you will otherwise receive from a certificate of deposit or savings account. If you are planning to make these types of investment, it is essential that you know how to use an assignment of deed of trust .

In California and many other states, the repayment of a promissory note is secured with a deed of trust against real property. Essentially, a trust deed investment involves the purchase of a promissory note, which is required to be secured by a deed of trust as part of the transaction.

When you obtain a loan to buy real estate, you will have to use a promissory note. The terms for repaying the loan, including the interest rate and monthly payment amount, will be stated in the promissory note. A deed of trust will be used to ensure that the promissory note will be repaid when it is recorded against the property purchased with the loan.

A lender may sell a promissory note. This usually happens between banks, but it can be done by any person who wishes to buy the promissory note as a form of investment. When a lender sells a promissory note, the deed of trust that secures the note will also be sold with it.

Difference Between Mortgage Assignment and Note Endorsement

When you are applying for a loan to purchase a home, the lender may require you to sign a promissory note and a mortgage or a deed of trust. In the event that your loan is sold to another party, these documents will be transferred to the new owner with an assignment and an endorsement. The new owner will have the right to receive payments and foreclose if you fail to make payments.

In casual conversations, people often use the word “mortgage” to refer to a home loan. A mortgage or a deed of trust is an essential document included as part of the process of securing a home loan. It is a form of security instrument. A promissory note , on the other hand, specifies the details and terms of the loan and obligates the borrower to repay the loan.

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Assignment of Promissory Note

Generate an assignment of promissory note. Drag and drop to customize in seconds. Works great on any smartphone, tablet, or desktop. Converts to a PDF.

An Assignment of a Promissory note is a bilateral document that transfers the rights and obligations associated with a promissory note from one party (the assignor) to another party (the assignee). Jotform Sign ’s Assignment of Promissory Note shows the date the document was created, assignor information, assignee details, start and end dates of the promissory note, total amount due, interest rate percentage, and chosen payment method.

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Letter of Authorization

A letter of authorization is an agreement between the person, known as the principal, authorizing another, known as an agent, to perform certain functions or powers in order to perform the duties of the principal. This letter also contains the period of effectivity of the contract of agency between the principal and the agent. Share Jotform’s free Letter of Authorization via email and securely collect electronic signatures from any device. Once signed, a finalized PDF document will be sent to your inbox — ready to download, print, and share with the appropriate parties.You can make changes to this Letter of Authorization in just a few easy clicks using Jotform’s intuitive form builder. Simply drag and drop to add or remove text fields, include additional signature fields, change fonts and colors, include your own branding and letterhead, and other design changes. Ditch messy paper forms and streamline your e-signature process with this free Letter of Authorization from Jotform. If you want to take your signing process online, create an e-sign document with Jotform Sign.

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These templates are suggested forms only. If you're using a form as a contract, or to gather personal (or personal health) info, or for some other purpose with legal implications, we recommend that you do your homework to ensure you are complying with applicable laws and that you consult an attorney before relying on any particular form.