The Owelty Deed of Trust is a specialized legal instrument that becomes necessary when divorcing spouses need to divide real property interests equitably. This document is commonly used when one spouse retains the primary residence but must compensate the other spouse for their share of equity. The Owelty Deed of Trust creates a legally binding security interest in the property, ensuring the paying spouse fulfills their obligation to the receiving spouse. It includes specific terms about payment schedules, interest rates, and default provisions. While particularly prevalent in community property states like Texas, this instrument is recognized across U.S. jurisdictions as a valid method for securing property settlement obligations in divorce cases.
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1. Parties: Identification of grantor, trustee, and beneficiary in the Owelty Deed of Trust
2. Background: Context of the owelty arrangement, typically referencing the divorce decree or property division agreement
3. Definitions: Key terms used throughout the document including Property, Owelty Lien, Security Interest, and Default
4. Property Description: Legal description of the property subject to the deed of trust
5. Owelty Lien Amount: Specific amount of the owelty lien being secured and its terms
6. Payment Terms: Terms and conditions of payment including interest rate and schedule
7. Default Provisions: Consequences and procedures in case of default on payments
8. Trustee Powers: Rights and responsibilities of the trustee in managing the deed of trust
1. Insurance Requirements: Optional section detailing property insurance requirements and maintenance obligations
2. Tax Provisions: Optional section specifying responsibilities for property taxes and other assessments
3. Transfer Provisions: Optional section outlining rules and restrictions regarding property transfer or sale
1. Schedule A - Property Survey: Detailed survey and legal description of the property
2. Schedule B - Payment Schedule: Detailed amortization schedule showing payment dates and amounts
3. Schedule C - Divorce Decree Reference: Relevant excerpts from divorce decree pertaining to the owelty arrangement
4. Schedule D - Property Valuation: Professional appraisal or valuation documents supporting the owelty amount
Relevant legal definitions
Owelty
Grantor
Grantee
Beneficiary
Trustee
Property
Secured Obligations
Note
Lien
Default
Payment Schedule
Interest Rate
Maturity Date
Principal Balance
Security Interest
Title
Divorce Decree
Property Settlement Agreement
Foreclosure
Event of Default
Deed
Recording
Legal Description
Encumbrances
Insurance Requirements
Transfer
Acceleration
Remedies
Governing Law
Jurisdiction
Grantor
Grantee
Beneficiary
Trustee
Property
Secured Obligations
Note
Lien
Default
Payment Schedule
Interest Rate
Maturity Date
Principal Balance
Security Interest
Title
Divorce Decree
Property Settlement Agreement
Foreclosure
Event of Default
Deed
Recording
Legal Description
Encumbrances
Insurance Requirements
Transfer
Acceleration
Remedies
Governing Law
Jurisdiction
Clauses
Conveyance
Security Interest
Payment Terms
Default and Remedies
Property Description
Insurance Requirements
Tax Obligations
Maintenance Obligations
Transfer Restrictions
Trustee Powers
Foreclosure Rights
Property Use
Acceleration Rights
Notice Requirements
Recording Requirements
Assignment
Governing Law
Severability
Amendment
Release Conditions
Subordination
Representation and Warranties
Compliance with Law
Survivorship
Security Interest
Payment Terms
Default and Remedies
Property Description
Insurance Requirements
Tax Obligations
Maintenance Obligations
Transfer Restrictions
Trustee Powers
Foreclosure Rights
Property Use
Acceleration Rights
Notice Requirements
Recording Requirements
Assignment
Governing Law
Severability
Amendment
Release Conditions
Subordination
Representation and Warranties
Compliance with Law
Survivorship
Relevant Industries
Relevant Teams
Relevant Roles
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