A Nebraska deed of trust (“trust deed”) is a legal form that transfers a property title from an owner (the borrower) to a neutral party (the trustee) as collateral for a real estate loan from a moneylender (the beneficiary). The title returns to the owner once they’ve paid back the loan in full to the beneficiary. However, if the owner can’t pay back the debt in accordance with the loan terms, the trustee can foreclose the property without any judicial proceedings and sell it on the beneficiary’s behalf. This process of property seizure is known as “non-judicial foreclosure,” which is less expensive and time-consuming than a judicial foreclosure which would take place in the case of a mortgage default.
- Statutes: §§ 76-1001 to 76-1018
- Formatting: § 23-1503.01
- Signing Requirements (§ 76-211): Notary Public
- Where to Record: Register of Deeds
- Recording Fees (§ 33-109): $10 for the first page + $6 for each additional page
Related Forms (1)
Nebraska Promissory Note – Outlines the terms of the borrower’s legal obligation to repay the lender.