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Assignment Of Note And Deed Of Trust

Assignment Of Note And Deed Of Trust Template for United States

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Key Requirements PROMPT example:

Assignment Of Note And Deed Of Trust

"I need an Assignment of Note and Deed of Trust to transfer a commercial property loan from ABC Bank to XYZ Investment Fund, with the original note value of $2.5 million and property located in California, to be effective March 15, 2025."

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Document background
An Assignment of Note and Deed of Trust is essential when transferring mortgage loan rights and obligations between parties in the United States. This document is commonly used in loan portfolio sales, mortgage servicing transfers, or when restructuring financial arrangements. The assignment must comply with state recording requirements and federal regulations, including UCC provisions and RESPA guidelines. It typically includes detailed information about the original loan, property description, and parties involved, ensuring a clear chain of title for the note and security instrument.
Suggested Sections

1. Parties: Identifies the Assignor and Assignee with full legal names and addresses

2. Background/Recitals: Details of the original Note and Deed of Trust, including date of execution, original parties, and property description

3. Definitions: Key terms used throughout the document including 'Note', 'Deed of Trust', 'Property', etc.

4. Assignment: The actual transfer language and consideration amount

5. Representations and Warranties: Assignor's statements regarding ownership, authority to assign, and status of the Note

6. Governing Law: Specification of which state's laws govern the assignment

7. Execution: Signature blocks and notary acknowledgment

Optional Sections

1. Further Assurances: Commitment to execute additional documents if needed when complex transfer requirements might need additional documentation

2. Successor and Assigns: Binding effect on future parties when future transfers are anticipated

3. Notices: How and where notices should be sent when ongoing communication between parties is expected

Suggested Schedules

1. Schedule A - Property Description: Legal description of the property covered by the Deed of Trust

2. Schedule B - Original Note: Copy or details of the original promissory note being assigned

3. Schedule C - Original Deed of Trust: Copy or details of the original deed of trust being assigned

4. Schedule D - Prior Assignments: List of any previous assignments in the chain of title, used when there have been previous transfers

Authors

Alex Denne

Head of Growth (Open Source Law) @ ºìÐÓÖ±²¥ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Clauses




















Industries

Truth in Lending Act (TILA): Federal law that requires clear disclosure of lending terms and standardizes the manner in which costs associated with borrowing are calculated and disclosed

Real Estate Settlement Procedures Act (RESPA): Federal law governing real estate settlement processes, requiring specific disclosures and prohibiting certain practices in real estate transactions

UCC Article 3: Uniform Commercial Code provisions governing negotiable instruments, including promissory notes and their transfer

UCC Article 9: Uniform Commercial Code provisions governing secured transactions and the creation, perfection, and enforcement of security interests

State Recording Statutes: State-specific laws governing the recording of real estate documents and determining priority of interests in real property

State Property Laws: State-specific laws governing real property rights, transfers, and interests

State Deed Transfer Requirements: State-specific requirements for validly transferring deeds and recording such transfers

State Mortgage and Foreclosure Laws: State-specific laws governing mortgage creation, enforcement, and foreclosure procedures

Statute of Frauds: Legal doctrine requiring certain contracts, including those involving real property, to be in writing to be enforceable

Doctrine of Equitable Assignment: Legal principle governing the transfer of rights and obligations in equity, particularly relevant to the assignment of mortgage interests

Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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