A Washington Deed of Trust is a legal document used in Washington State to secure a loan on a real estate property. The deed of trust is signed by the borrower (trust or) and the lender (beneficiary) and involves three parties: the trust or, the beneficiary, and the trustee. The trust or conveys title to the trustee, who holds the title as security for the repayment of the loan. The deed of trust serves as evidence of the debt and identifies the trust or’s obligation to repay the loan. There are two types of Washington Deeds of Trust: a traditional deed of trust and a statutory deed of trust. A traditional deed of trust is created in a private transaction between the trust or and the beneficiary, while a statutory deed of trust is created under Washington State law. The statutory deed of trust is the most commonly used deed of trust in Washington State. Both types of deed of trust give the trustee the authority to sell the property if the trust or defaults on the loan.
Washington Deed of Trust
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FAQ
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,
Deeds of trust are used instead of mortgage loans in these states: Alaska. California. Colorado.
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.
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.
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.
Trust deeds are common in Alaska, Arizona, California, Colorado, Idaho, Illinois, Mississippi, Missouri, Montana, North Carolina, Tennessee, Texas, Virginia, and West Virginia.
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.
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.