Assignment of Deed of Trust
(Commercial) (Texas)

Summary

This template is an assignment of deed of trust that may be used to assign and transfer an existing deed of trust from an existing lender to a lender in Texas. This template includes practical guidance and drafting notes. A Texas assignment of deed of trust should be recorded in the land records office of the county (or counties) where the property is located, to provide notice to third parties of the transfer of the deed of trust lien on the property. See Tex. Prop Code § 11.001. The assignment should be recorded in the same county recorder's office where the prior vesting deeds and deed of trust were recorded. For a detailed discussion of real property transfers, see Purchase and Sale of Commercial Real Property (TX). The note secured by the deed of trust should also be transferred at the same time as the deed of trust via an allonge or other indorsement. The mortgage assignment will be recorded in the real property records of the county in which the property is located. However, if a party does not have a recorded interest in the deed of trust, the party may still have standing to foreclose if the note secured by the instrument was validly assigned. This rule derives from the common law maxim, now codified in Texas, that "the mortgage follows the note." See Tex. Bus. & Com. Code Ann. § 9.203(g) and Everbank v. Seedergy Ventures, Inc., 499 S.W.3d 534, 536, 2016 Tex. App. LEXIS 7319, *1, 90 U.C.C. Rep. Serv. 2d (Callaghan) 349. For a template allonge, see Allonge to Negotiable Promissory Note (Residential/Commercial) (TX). For more on recording an assignment of deed of trust in Texas, see Recording Procedures (TX). For a template Texas note, see Promissory Note (Secured Loan) (TX). For additional Texas acquisition financing resources, see Commercial Real Estate Acquisition Loan Resource Kit (TX). For further information on promissory notes, see Promissory Notes (Acquisition Loan).