With a South Carolina Deed of Trust, the trustee, once notified of delinquency on the note, will start non-judicial foreclosure proceedings to recoup the lender’s investment without the added expense of going to court. When taking out a South Carolina Mortgage Deed, if the borrower cannot repay the loan, the lender will commence judicial foreclosure, file a lawsuit against the borrower and take the case to court, costing everyone involved a lot of time and money.A South Carolina Deed of Trust, however, is comprised of three parties – a lender, a borrower and a trustee. When taking out a Mortgage in South Carolina, there are only two parties involved – a lender and a borrower.A South Carolina Mortgage Deed and a South Carolina Deed of Trust are similar in that both act as security for the repayment of a loan by liens placed on the property.Similarities and differences between a South Carolina Deed of Trust and a South Carolina Mortgage Deed If the debt is not repaid, the lender notifies the trustee, who then implements non-judicial foreclosure proceedings to recover the debt. Once the note is paid in full, the trustee will then assign the title to the borrower. Through the application of a South Carolina Deed of Trust, the borrower will then transfer title of the property to an independent trustee, who will hold the title until the debt is repaid to the lender. The lender loans the borrower a certain amount of money for the purchase of a piece of property. How does a South Carolina Deed of Trust work? A South Carolina Deed of Trust is sometimes called a South Carolina Trust Deed.
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A South Carolina Deed of Trust is a guarantee between a lender and a borrower – while installing a trustee as an intermediary – that pledges the interest in a parcel of real property to secure the proceeds of a loan, or promissory note.ĭownload a free South Carolina Deed of Trust that you can customize with your own personal information and print online.Ī South Carolina Deed of Trust is commonly used by lenders and requires the borrower to provide title to the property being acquired as collateral for the loan amount.