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A Rhode Island deed of trust conveys a property title from a person acquiring real estate financing to a “trustee” as a means to secure a loan from the financier. The title remains under the trustee’s name (often a title company or bank) until the borrower’s obligation to the lender is settled, upon which they are returned their title. Defaulting on the agreement can subject the property to a non-judicial foreclosure, a process wherein the property is seized without going through the court system. Deeds of trust are similar to mortgages, with the difference being that deeds of trust involve a borrower, a lender, and a trustee, whereas mortgages only involve the borrower and lender.
- Statutes: §§ 34-27-1 to 34-27-5
- Formatting: § 34-11-1.1, § 34-11-1.2, § 34-11-1.4
- Signing Requirements (§ 34-11-1): Notary Public
- Where to record (§ 34-13-1): Recording office of the property’s city/town.
- Recording fees (§ 34-13-7): $80 + an additional $1 may be charged for each additional page. Local recording fees may vary per city/town (see New Shoreham).
- Form B (Affidavit Claiming Basis For Exemption From Transfer Fee): An affidavit for New Shoreham deed of trust filings. Exempts the conveyance from the transfer fee set by the Block Island Land Trust.
Related Forms (1)
Rhode Island Promissory Note – A written agreement containing the terms and details of a loan.
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