FinancingMortgage_instrumentsMEDIUM
A closing attorney asks an intern to separate files by the number of core parties named in the security instrument. Which file should go into the three-party category?
Correct Answer
B) A deed of trust naming a trustor, trustee, and beneficiary
A deed of trust commonly involves three core parties: the trustor or borrower, the trustee, and the beneficiary or lender. That three-party structure distinguishes it from an ordinary two-party mortgage.
Answer Options
A
A mortgage naming a mortgagor and mortgageeB
A deed of trust naming a trustor, trustee, and beneficiaryC
A land contract naming a vendor and vendeeD
A warranty deed naming a grantor and granteeWhy This Is the Correct Answer
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Related Topics & Key Terms
Key Terms:
three_party_instrumentdeed_of_trusttrustormortgage_vs_deed_of_trust
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