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 transfer title and involve a borrower, a lender, and a trustee, whereas in the case of a mortgage, there’s only the borrower and lender, and the borrower holds title the whole time.
- 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.