Legal Question in Wills and Trusts in Virginia

Re: Dead of Trust

The technical answer is yes to both parts of the question, but that masks the practical answer, which is a probable no to the first part of the question. The deed of trust is a document by which the lender who provided the majority of the funds to purchase the property has someone else holding bare legal title to the property as collateral to secure the loan. That peerson or persons is the trustee; they do nothing without directions from the lender. If the propery is sought to be used to serve as collateral for another loan, that can be done without the consent of the first lender, but the new lender will be in second position, with the first lender able to make claim to all of the proceeds of sale in a foreclosure to pay off its loan.

No permission from the trustee or the lender is required to rent the property.