Kiritsis & Associates
Kiritsis & Associates
By: John Kiritsis, Esq., CPA, MBA, MS, JD, LL.M
A way to secure a debt by deeding the property through a voluntary lien to Trustees; upon a default event on the note, the trustees can foreclose or publicly auction the property. This means that in some jurisdictions, a deed of trust could be a viable alternative to mortgages; this may be especially true in a market environment, where traditional lending conditions are less than ideal. It is important to understand that a property cannot be directly transferred through a deed of trust. A deed of trust was often referred as a trust deed. The rise of securitization practices with their accompanying need for uniformity, have led to the usage of the term trust deed to fall out of favor, in order to avoid confusion. In theory, a deed of trust is usually a different type of a legal instrument than a mortgage. However, in practice a deed of trust, is often referred to as a mortgage, due to their similar functional qualities. To avoid raising a red flag, that could trigger an IRS audit, special care should be made in preparing the tax forms, and it is strongly recommended that the parties involved synchronized tax filings.
Law Offices of Kiritsis & Associates
Phone # 212 922 0005
Manhattan Office (Main Office):
633 Third Avenue
New York, NY 10017
Brooklyn Office (By Appointment Only):
1023 74th Street
Brooklyn, NY 11228
New Jersey Office:
7309 Ventnor Avenue
Ventnor, NJ 08406
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