This is an official Washington form for use in land transactions, a Deed of Trust [Short Form and Attachment] (with individual and representative acknowledgments).
The Seattle Washington Deed of Trust — Short Form anAttachmenten— - with individual and representative acknowledgments is a legal document used in real estate transactions in Seattle, Washington. This document is designed to secure the repayment of a loan that is used to purchase or refinance a property. The Deed of Trust is a three-party agreement between the borrower, also known as the trust or, the lender, also known as the beneficiary, and a neutral third party called the trustee. The trustee holds the deed to the property until the loan is fully repaid. This type of agreement is commonly used in Washington State instead of a mortgage. The Short Form Deed of Trust is used to streamline the process of creating a deed of trust by including only the essential information needed for the transaction. It is concise and straightforward, ensuring that the document is completed quickly and accurately. The Short Form Deed of Trust typically contains details such as the names of the trust or, beneficiary, and trustee, the property description, and the loan amount. The attachment to the Deed of Trust includes additional provisions and clauses that may be necessary for the specific transaction. It allows for customization to address unique circumstances or requirements. This attachment typically covers aspects like late fees, prepayment penalties, insurance requirements, and other terms and conditions agreed upon by the parties involved. The Deed of Trust also includes individual and representative acknowledgments. Individual acknowledgments are used when the trust or is an individual person, and they are required to acknowledge their signature before a notary public or other authorized individual. Representative acknowledgments, on the other hand, are used when the trust or is acting on behalf of a company or organization. In this case, the representative must provide evidence of their authority to act on behalf of the entity, such as a corporate resolution or power of attorney. There may be variations or additional forms of the Seattle Washington Deed of Trust — Short Form and Attachment — with individual and representative acknowledgments, depending on specific circumstances or requirements. However, the general purpose of these documents remains the same — to protect the lender's interest in the property and ensure repayment of the loan.
