A Purchase Money Deed of Trust is commonly used in England and Wales when a property purchase is financed through a loan. This document is essential when the purchase money lender requires security for their loan and prefers the trustee arrangement over a traditional mortgage. It provides detailed specifications of the property, loan terms, repayment schedules, and default remedies. The document is particularly important as it protects the lender's interests while allowing the borrower to use the property, with the trustee acting as an independent party holding legal title until the loan is repaid.
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1. Parties: Identifies the Lender, Borrower, and Trustee with their full legal names and addresses
2. Background: Details of the loan and property being secured, including the purpose of the deed
3. Definitions: Key terms used throughout the deed including Property, Secured Obligations, Security Period
4. Grant of Security Interest: Creation of the trust and security interest, including the formal declaration of trust
5. Property Description: Detailed legal description of the secured property including title number and address
6. Payment Terms: Loan amount, interest rate, repayment schedule and payment obligations
7. Borrower's Covenants: Obligations of the borrower regarding property maintenance, payments, and compliance with laws
8. Default Provisions: Circumstances constituting default and remedies available to the lender
9. Power of Sale: Trustee's power to sell upon default and the process for exercising this power
1. Insurance Requirements: Detailed insurance obligations and minimum coverage requirements when specific insurance terms need to be included
2. Assignment Provisions: Rules and procedures for transferring interests in the property or the loan
3. Environmental Provisions: Environmental obligations and warranties for commercial properties or those with environmental concerns
1. Property Schedule: Detailed property description including plans, boundaries, and any existing encumbrances
2. Payment Schedule: Detailed payment terms, amortization schedule, and interest calculations
3. Title Documents: Copies of relevant title documents, searches, and certificates
4. Insurance Schedule: Specific details of required insurance coverage, amounts, and providers
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