What is a deed of trust?

A Deed of Trust is a legal document used to secure a loan for real estate in South Carolina. It is an agreement between a borrower and the lender, where the borrower is the grantor, and the lender is the beneficiary. The deed of trust is filed with the local court, and is used to secure the loan. The deed of trust serves as collateral for the loan and outlines the terms that the borrower must abide by, such as the interest rate, length of the loan, and loan amount. In the event the borrower defaults on the loan, the lender can use the deed of trust to foreclose on the property. This means that the lender can take ownership of the property and is legally allowed to sell the property to pay off the loan. In South Carolina, the lender must follow specific foreclosure procedures as outlined in the deed of trust to complete the foreclosure properly. The deed of trust is a crucial document when it comes to real estate law in South Carolina. It serves as a written agreement between lender and borrower, and protects both parties in the event of a loan default. In addition, it allows the lender to foreclose on the property, thus ensuring that the loan is paid back in full.

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What is a deed of trust?

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