Finance
In a Virginia deed of trust, the three parties are:
ABuyer, seller, and settlement agent
BBorrower (trustor), lender (beneficiary), and trustee✓ Correct
CGrantor, grantee, and VREB
DPrincipal, agent, and escrow officer
Explanation
A Virginia deed of trust involves: the borrower (trustor) who borrows money; the lender (beneficiary) who provides the loan; and the trustee who holds legal title as security.
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- A Virginia borrower is 90 days behind on their deed of trust. The lender initiates a non-judicial foreclosure. What is the first formal step?Finance
- In Virginia, after a borrower pays off their deed of trust, the trustee should execute and record:Property Ownership
- A Virginia deed of trust lien is satisfied when the borrower pays off the loan. To clear the lien from title, the trustee records a:Escrow & Title
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Key Terms to Know
Deed of Trust
A security instrument used in many states instead of a mortgage, involving three parties: borrower (trustor), lender (beneficiary), and a neutral trustee.
DeedA written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
EscrowA neutral third-party arrangement where funds, documents, and instructions are held until all conditions of a real estate transaction are satisfied.
AmortizationThe gradual repayment of a loan through scheduled periodic payments that cover both principal and interest.
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