Terms Used In Nebraska Statutes 76-1012. The specific section on foreclosure sales contained in trust deeds is set forth under Chapter 76-1005. The Nebraska inheritance tax applies to all property, including life insurance proceeds paid to the estate, which passes by will or intestacy. Click Here To Get Your Free Guide To Living Trusts. 76-1012. THE TRUST DEED A trust deed12 serves the same function as a mortgage, as it secures the performance of a debtor on a note or other obligation. II. Trustee Deed vs. Warranty Deed. A deed is the written document which transfers title (ownership) or an interest in real property to another person. ß76-1001-1018, was enacted by the Legislature in 1965. The described real estate is therefore relea BEST Legal Forms Company. District Headquarters in Holdrege, NE. A current agenda is available at. A Deed of Trust is often used instead of a mortgage when securing a loan to purchase real estate (except for agricultural land) in the State of Nebraska. ; Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. The trustee then issues a deed conveying the legal and equitable title to the property in fee simple to the highest bidder. Satisfactions Generally: Once a mortgage or deed of trust is paid, the holder of the mortgage is required to satisfy the mortgage or deed of trust of record to show that the mortgage or deed of trust is no longer a lien on the property. Stat. A trust deed creates a three-party relationship whereby the debtor (trustor) conveys legal title to the trust property to a trustee… Attorney: shall mean attorney at law.See Nebraska Statutes 49-801; Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. A trustee deed with an underlying promissory note is similar in many respects to a mortgage, protecting lenders when borrowers default on their mortgage loans. A power of sale may be conferred upon the trustee which the trustee may exercise and under which the trust property may be sold in the manner provided in the Nebraska Trust Deeds Act after a breach of an obligation for which the trust property is conveyed as security, or at the option of the beneficiary a trust deed may be foreclosed in the manner provided by law for the foreclosure of mortgages on real property. A deed of trust is a secured real estate investment that bases on the loan agreement between the lender and borrower. _____ in Book/Reel _____, Page/Image _____, of Official Records of _____ County, California; and . In Colorado, a public official serves in the position, but Colorado is unique in this respect. Three trustees are appointed by the Governor, one from each congressional district. An added factor for a deed of trust document is the third-party trustee. Nebraska Real Estate. Deeds which, without additional consideration, confirm, correct, modify, or supplement a deed previously recorded, but which do not extend or limit existing title or interest . (d) Any title insurer authorized to do business in Nebraska under the laws of Nebraska. (a) DEFINITIONS. When you need Satisfaction Of Deed Of Trust Nebraska, don't accept anything less than the USlegal™ brand. In Nebraska, the trustee's deed is used to convey real property from a living trust. 76-1002. The covenants contained within the Nebraska trustee's deed make it a special warranty deed. The real estate property in question is held as collateral for the outstanding mortgage loan. Members elect twelve trustees, four from each of the state's three congressional districts, to staggered three-year terms. A Nebraska warranty deed conveys real property with warranty covenants to the buyer. Skip to content (248) 613-0007 ; 543 N Main St, Ste 222 Rochester, MI 48307; Mon - Fri: 9:00AM - 5:00PM; Facebook-f. Twitter. The trustee acts as a representative of the lender to effectuate the sale which typically occurs in the form of an auction. Trust deed; default; reinstatement; recorded notice of default; cancellation; costs and expenses. Nebraska Real Estate. Source: OCC; Lien: A claim against real or personal property in satisfaction of a debt. With this legal document, property, for example, is owned in trust, with a title company, bank, escrow company, or finance company typically serving as the trustee, or agent. Related Documents. (3) Trust deed shall mean a deed executed in conformity with sections 76-1001 to 76-1018 and conveying real property to a trustee in a trust to secure the performance of an obligation of the grantor or other person named in the deed to a beneficiary; They are also used in some foreclosure situations (generally without warranty). 96-269-2008 10-2020 Rev. 3. "The Forms Professionals Trust ™ Gold Award 2006-2018. CONVEYANCES. Trustee deeds are seen in states where home loans are secured via a trust deed, or deed of trust. If you have questions, a real estate lawyer can also help. The lender – called the beneficiary in a deed of trust because it's the recipient of your loan payments – usually selects the trustee of a deed of trust. 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