a purchase money deed of trust is accorded the highest priority over all other liens incurred by the borrower that pre-date the purchase of the property. a deed can only be considered a purchase money deed if it is recorded as part of the same transaction for the debt it secures; i.e., when the loan is made to purchase the property, the deed must be signed and recorded as part of the same transaction to be considered a purchase money deed. if the deed is not recorded, it will not be given the priority of a purchase money deed even though the loan provided in exchange for the deed was used to purchase the property.
the general rule is that a lien’s priority over other liens is determined by the date of recording with the county recorder’s office. however, in the case of a purchase money deed of trust, the general rule of first-in-time lien priority does not apply and the purchase money deed will take priority over all other liens incurred by the purchaser, regardless of when they were recorded. joe stone is a freelance writer in california who has been writing professionally since 2005. his articles have been published on livestrong.com, sfgate.com and chron.com.
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a purchase money deed of trust is accorded the highest priority over all other liens incurred by the borrower that pre-date the purchase of the property. this financing statement covers the collateral. some of the items or types of property comprising the collateral are or are to become fixtures on the real a purchase-money mortgage is a mortgage issued to the borrower by the seller of a home as part of the purchase transaction. also known as a seller or owner, purchase money loan, purchase money loan, purchase money mortgage, purchase money mortgage form, purchase money mortgage priority.
in trusts and estates law, a purchase money resulting trust is a type of trust that is created when an individual contributes funds to purchase a particular property, but instructs the seller to transfer title to the property to a different individual. it is also known as a purchase money trust. a mortgage or deed of trust that is given as security for a loan made to purchase the real property that is encumbered by the mortgage or deed of trust has initial page 3 purchase money deed of trust page 3 borrower covenants that borrower is lawfully seized of the estate hereby conveyed and has the right to grant the lender gives the borrower the money to buy the home in exchange for one or more promissory notes, while the trustee holds the legal title to, purchase money mortgage from bank, purchase money second mortgage, purchase money mortgage law, purchase money note.
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