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Although the laws on deeds of trust vary from state to state, here is an oversimplified explanation of a deed of trust.
Since the trustees owned the property, and the deed of trust contained language giving the trustees the power to sell the property upon a default, the trustees would arrange to have the property foreclosed upon by a private auctioneer (or the sheriff in some parts of the country at the courthouse steps).
The deed of trust requires that the borrower maintain adequate insurance, and further provides that if such insurance is not in place, the lender has the right to obtain its own policy at the expense of the homeowner.
Conditions attached to the acceptance of a deed are known as covenants.
In some jurisdictions, a deed of trust is used as an equivalent to a mortgage.
This type of deed is most commonly used by court officials or fiduciaries that hold the property by force of law rather than title, such as properties seized for unpaid taxes and sold at sheriff's sale.
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