Credit Line Deed Of Trust for the United States

Credit Line Deed Of Trust Template for United States

A Credit Line Deed of Trust is a legal instrument used in the United States to secure a revolving line of credit with real property. It creates a three-party security arrangement where a trustee holds legal title to the property until the borrower repays the credit line to the lender. This document is commonly used in states that prefer trust deed arrangements over traditional mortgages, providing a more streamlined foreclosure process if default occurs.

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What is a Credit Line Deed Of Trust?

The Credit Line Deed of Trust is essential when establishing a secured revolving credit facility against real property in trust deed states. This document is particularly valuable when borrowers need flexible access to funds while providing their property as collateral. It combines elements of traditional deed of trust security with revolving credit features, making it suitable for both residential and commercial financing. The document specifies draw conditions, repayment terms, and the trustee's powers, while complying with state-specific trust deed requirements and federal lending regulations.

What sections should be included in a Credit Line Deed Of Trust?

1. Parties: Identification of Lender, Borrower, and Trustee

2. Background: Purpose of the credit line and secured property details

3. Definitions: Key terms used throughout the document

4. Grant of Security Interest: Legal conveyance of the property interest to the trustee

5. Credit Line Terms: Details of the credit facility, including limit and draw conditions

6. Payment Terms: Repayment obligations and schedule

7. Property Maintenance and Insurance: Borrower's obligations regarding property upkeep and insurance

8. Default Provisions: Events of default and remedies

9. Trustee Powers: Rights and responsibilities of the trustee

What sections are optional to include in a Credit Line Deed Of Trust?

1. Environmental Provisions: Environmental warranties and indemnities for properties with potential environmental risks

2. Construction Provisions: Requirements for property improvements when credit line includes construction financing

3. Secondary Financing: Terms regarding additional liens when secondary financing is permitted

4. Rental Provisions: Terms regarding property rental when property may be leased

What schedules should be included in a Credit Line Deed Of Trust?

1. Schedule A - Property Description: Legal description of the secured property

2. Schedule B - Credit Line Agreement: Detailed terms of the credit facility

3. Schedule C - Insurance Requirements: Specific insurance coverage requirements

4. Schedule D - Permitted Encumbrances: List of approved existing liens or encumbrances

5. Schedule E - Required Repairs: List of repairs required as condition of credit line

Authors

Alex Denne

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

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Banking
Real Estate
Construction
Commercial Property

Relevant Teams

Legal
Credit
Real Estate
Risk Management
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Relevant Roles

Loan Officer
Real Estate Attorney
Credit Manager
Property Developer
Risk Manager

Industries

Truth in Lending Act (TILA): Federal law requiring disclosure of credit terms and standardized calculations to help consumers compare lending institutions

Real Estate Settlement Procedures Act (RESPA): Federal law governing real estate settlement processes, requiring specific disclosures for mortgage loans and prohibiting kickbacks

Home Ownership and Equity Protection Act (HOEPA): Federal law providing additional disclosure requirements and restrictions for certain high-cost mortgage loans

Equal Credit Opportunity Act (ECOA): Federal law prohibiting discrimination in lending based on race, color, religion, national origin, sex, marital status, age, or public assistance status

Fair Housing Act: Federal law prohibiting discrimination in residential real estate transactions, including mortgage lending

Dodd-Frank Wall Street Reform: Comprehensive federal law implementing financial regulatory reform, including mortgage lending requirements and consumer protections

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

State Recording Requirements: State-specific rules for recording real estate documents, including deeds of trust, with local authorities

State Foreclosure Laws: State-specific procedures and requirements for foreclosure proceedings and borrower rights

State Usury Laws: State-specific limitations on interest rates and loan charges

Uniform Commercial Code Article 9: Governs secured transactions, including the creation and enforcement of security interests in personal property

CFPB Regulations: Consumer Financial Protection Bureau rules implementing federal consumer financial laws

Federal Reserve Board Regulations: Banking regulations affecting lending practices and financial institution operations

Bankruptcy Laws: Federal laws affecting creditor rights and treatment of secured interests in bankruptcy proceedings

Tax Lien Priority Rules: Federal and state laws governing the priority of tax liens relative to other encumbrances

Homestead Exemption Laws: State-specific protections for homeowners regarding the exempt portion of home equity from creditors

Environmental Regulations: Federal and state environmental laws affecting real property security interests and lender liability

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A U.S. legal instrument that creates a three-party security interest in real property, combining standard provisions into a comprehensive package.

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What is a Credit Line Deed Of Trust?

What sections should be included in a Credit Line Deed Of Trust?

What sections are optional to include in a Credit Line Deed Of Trust?

What schedules should be included in a Credit Line Deed Of Trust?

Authors

Alex Denne

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