Alaska is a deed of trust state, and mortgage lenders use this Deed of Trust instead of a mortgage to secure home purchase loans.
- The Deed of Trust conveys title to the property to a third party trustee (often a title company), and not to the borrower.
- The trustee holds the title as security for the loan, to make sure that the borrower makes payments on time and performs its other obligations under the loan agreement and Note.
- If the borrower defaults under the loan agreement or Note, the trustee has the authority to sell the property on behalf of the lender.
- The Deed of Trust contains uniform covenants as well as State-specific non-uniform provisions covering non-judicial foreclosure and power of sale, and the lender's right to demand full payment for repeated breaches.
- The Alaska Deed of Trust form can be re-used for each mortgage loan your office approves. Buy and download the template now.
Last Updated: 13-January-2021