A deed of trust is a legal document that transfers ownership of real property (real estate) to a trustee until the person or entity buying the real property repays a loan for the purchase of the real property. A deed of trust is similar to a mortgage—some states use a mortgage and other states use a deed of trust.

In a deed of trust transaction a lender (the bank) gives a borrower (who is purchasing the real property) money to pay the seller, and the borrower gives the lender one or more promissory notes for repayment of the loan. As security for the promissory notes, the borrower transfers the ownership interest (title) in the real property to a trustee—often a title company—to hold until the borrower repays the lender.

If the borrower fails to timely make payments and defaults on the loan, the property generally may be sold without the lender using or going through the court system. This is known as nonjudicial foreclosure and is usually less time-consuming and less expensive for the lender.

A deed of trust is also known as a trust deed, a trust indenture, an indemnity mortgage, or a common-law mortgage.

In Alaska, a deed of trust is a legal instrument used in real estate transactions where a borrower obtains a loan to purchase property and transfers the property title to a trustee as security for the loan. The trustee, often a title company, holds the title until the borrower repays the loan to the lender. Alaska allows for both deeds of trust and mortgages as methods of financing real estate purchases. If the borrower defaults on the loan, the lender can typically pursue a nonjudicial foreclosure, which means the property can be sold without going through the court system. This process is generally faster and less costly than judicial foreclosure. It's important to note that the specific procedures and requirements for deeds of trust and nonjudicial foreclosures are governed by Alaska state statutes, and an attorney can provide detailed legal advice based on the current laws.