This Montana Deed of Trust form conveys a real estate property from a seller to a trustee instead of a purchaser, under the Small Tract Financing Act.
- A Deed of Trust is often used instead of a mortgage in the sale and purchase of real property other than agricultural farm land.
- Title to the property is conveyed by the seller to a trustee instead of to the purchaser. The title is then held as security to ensure the purchaser's performance of its obligations (including payment of the purchase price, maintenance and upkeep of the property, payment of taxes, etc).
- If the purchaser defaults in payment, the balance becomes due and payable and the trustee may sell the property.
- The Deed of Trust contains uniform covenants regarding payments, funds for taxes and insurance, prior mortgages, hazard insurance, occupancy as principal residence, care and maintenance of the property, protection of the lender's security, and other standard clauses.
- The property must not exceed 40 acres in area.
- The form includes a Waiver of Homestead Exemption Rights in accordance with State law.
Mortgage lenders in Montana need a Deed of Trust form in their document libraries. Get your copy by putting it in your shopping cart and checking out. You can download immediately after purchasing it.
Last Updated: 14-April-2016