Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Harry and Margaret Smith, a California husband and wife, are buying a house from Jack and Phyllis Jones, also a married couple. The Smiths have
Harry and Margaret Smith, a California husband and wife, are buying a house from Jack and Phyllis Jones, also a married couple. The Smiths have obtained financing from Number One Bancorp in the form of a loan for $400,000. They are, additionally, paying the Joneses $100,000 in a down payment, which payment they are making in cash. The promissory note to the bank for the $400,000 is to be secured by a deed of trust. Draft the deed of trust. In places in each where you believe information is missing, insert a clause in brackets describing the missing information (e.g., "Property Description"), or invent information. Further discussion will be had on sources and methods of accessing forms useable in California for real estate-related deeds of trust
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started