Washington Request for Full Re conveyance is a type of real estate document that is filed with a county recorder's office in order to release a deed of trust or mortgage on a property. This document is used to transfer the title of ownership from the lender to the borrower, allowing the borrower to own the property outright. It is also used to clear any liens, and to cancel any financial obligations associated with the property. There are two different types of Washington Request for Full Re conveyance: Voluntary Re conveyance and Statutory Re conveyance. Voluntary Re conveyance is used when a lender voluntarily releases the deed of trust or mortgage from a property. Statutory Re conveyance is used when the borrower meets certain criteria, such as paying off the loan in full, making timely payments for a certain period of time, or meeting other conditions outlined in the deed of trust. The Washington Request for Full Re conveyance document is typically signed by the borrower, the lender, and the county recorder's office, and must include specific information such as the address of the property, the amount of the loan, the parties involved, and the date of the request. Once filed, the document is recorded with the county recorder's office and the deed of trust or mortgage is released from the property.
Washington Request For Full Reconveyance
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FAQ
A Substitution of Trustee is a form filed when a successor trustee takes the place of a previous trustee. A successor is a person or entity who takes over and continues the role or position of another. For example, many grantors and their respective spouses act as the initial trustees of a revocable living trust.
The beneficiary is usually the lender or carry back seller. The beneficiary receives no legal interest in the property through the trust deed. Because of his secured relationship to the property, the beneficiary acquires an equitable interest to the extent permitted under the title rights given to the trustee.
Once a loan has been paid off, and at the express direction of the lender (called the beneficiary), the trustee executes and delivers the deed of reconveyance to the trustor along with the original note (marked ?canceled? or ?paid in full?) and deed of trust.
In a nutshell, the Substitution of Trustee and Deed of Reconveyance is a legal document that evidences security interest is being release by a lender. In most cases, the document shows that a loan has been paid off. Property owners may even receive this document if they have refinanced a loan.
When a deed of trust/mortgage is paid in full, you can record a Full Reconveyance from the trustee stating publicly that the loan has been paid. The Full Reconveyance Form is completed and signed by the trustee, whose signature must be notarized.
Washington Full Reconveyance for Deed of Trust Information Use this form when a Deed of Trust is paid in full, The Beneficiary/Lender sends written notice to the Trustee to reconvey title without warranty to the Grantor/Borrower entitled thereto all of the right, title and interest now held by said trustee.
The trustee holds the property in trust (for the benefit of the beneficiary-lender) until a recorded ?Full Reconveyance? (sometimes referred to as a deed of re- conveyance) reconveys the bare legal title back to the person(s) entitled to said title.
Whether you get a deed of reconveyance, a full reconveyance or a satisfaction of mortgage document, it means the same thing: your loan has been repaid in full and the lender no longer has an interest in your property. In short, your home is finally all yours!