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OpenDocumentA Mississippi deed of trust is a document by which an owner’s property title transfers to a neutral party (trustee) to serve as security for a real estate loan granted by a lender (beneficiary). The trustee holds onto the property title until the land owner (borrower) pays back the loan in full to the lender. While similar to a mortgage agreement, a deed of trust offers a more convenient means for the lender to recuperate money from non-paying borrowers. If the borrower can’t pay back the loan, the lender can take over the property through a non-judicial foreclosure, which costs less and is quicker than the judicial foreclosure process required under a mortgage.
- Statutes: §§ 89-1-53 to § 89-1-59, § 89-1-63
- Formatting: § 89-5-24, § 27-3-51(2)
- Signing Requirements (§ 89-3-1(1)): Notary Public
- Where to Record: Chancery Clerk’s Office
- Some counties offer electronic deed recording.
- Recording Fees (§ 25-7-9(1)(b)): $25 for the first five (5) pages + $1 for each additional page
Related Forms (1)
Mississippi Promissory Note – Documents a borrower’s payment obligations to a lender.
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