A Washington Deed of Trust (also known as a Trust Deed or Mortgage Deed) is a type of security instrument used in real estate transactions in the state of Washington. It is a legal document that creates a three-party arrangement between a borrower (trust or), a lender (beneficiary), and a trustee. The document outlines the terms and conditions of a loan, including the amount borrowed, the interest rate, and the repayment schedule. The Deed of Trust is then filed with the county recorder's office to create a lien on the property. There are two types of Washington Deed of Trust — a Statutory Deed of Trust and a Custom Deed of Trust. The Statutory Deed of Trust is a standard document that is provided by the state and has been pre-approved by the courts. The Custom Deed of Trust is created by the parties involved in the transaction, and outlines the specific terms of the loan. Both types of Deed of Trust are used to secure the repayment of a loan.
Washington Deed of Trust
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FAQ
To transfer real property into your Trust, a new deed reflecting the name of the Trust must be executed, notarized and recorded with the County Recorder in the County where the property is located. Care must be taken that the exact legal description in the existing deed appears on the new deed.
Trust deeds are common in Alaska, Arizona, California, Colorado, Idaho, Illinois, Mississippi, Missouri, Montana, North Carolina, Tennessee, Texas, Virginia, and West Virginia.
Deeds of trust are used instead of mortgage loans in these states: Alaska. California. Colorado.
Promissory notes and deeds of trust are subject to Washington's six-year statute of limitations. Installment notes have two separate six-year limitations periods. The first applies to each payment and begins on the day it becomes overdue; the second applies to the entire debt and begins on the note's maturity date.
Deeds of trust are the most common instrument used in the financing of real estate purchases in Alaska, Arizona, California, Colorado, the District of Columbia, Idaho, Maryland, Mississippi, Missouri, Montana, Nebraska, Nevada, North Carolina, Oregon, Tennessee, Texas, Utah, Virginia, Washington, and West Virginia,
A deed of trust is an agreement between a home buyer and a lender at the closing of a property. The agreement states that the home buyer will repay the home loan and the mortgage lender will hold the property's legal title until the loan is paid in full.
A mortgage involves only two parties: the borrower and the lender. A deed of trust has a borrower, lender and a ?trustee.? The trustee is a neutral third party that holds the title to a property until the loan is completely paid off by the borrower.
Use a Mortgage Deed if you live in: Connecticut, Delaware, Florida, Indiana, Iowa, Kansas, Louisiana, New Jersey, New York, North Dakota, Ohio, Oklahoma, Pennsylvania, South Carolina, Vermont, or Wisconsin.