Transfer title of a real estate property in Tennessee from a seller to a trustee with this Tennessee Deed of Trust form.
- A Deed of Trust can be used in place of a mortgage in the sale and purchase of real estate (other than agricultural farm land).
- Title to the property is conveyed by the seller to a trustee instead of to the purchaser. The trustee holds the title as security for performance of the purchaser's obligations (including payment of the purchase price, maintenance and upkeep of the property, payment of taxes, etc).
- If the purchaser (borrower) 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 borrower waives all homestead exemptions or other statutory right or redemption in the property that he/she may be entitled to under State law.
This Tennessee Deed of Trust
form is provided in MS Word format, and is fully editable to meet your needs.