What is a deed of trust with a power of sale?

A deed of trust with a power of sale is a type of legal document used in residential real estate law in New York. This document is used when a borrower takes out a loan to purchase a property. When the loan is secured through a deed of trust, the lender (known as the beneficiary) holds the title to the property until the loan is paid off. The deed of trust with a power of sale gives the lender the right to auction off the property if the borrower fails to make payments or otherwise fails to meet the requirements of the loan agreement. The deed of trust allows the lender to take possession of the property and to use it to pay off the loan. This is known as a foreclosure. In New York, all residential real estate loans must be secured by a deed of trust with a power of sale. This ensures that the lender is able to recoup their investment if the borrower defaults on the loan. The deed of trust also provides the borrower with certain rights under the law, such as the right to challenge the sale if they feel that it was not conducted in good faith.

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What is a deed of trust with a power of sale?

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