Bellevue Washington Request For Partial Reconveyance

Name: Bellevue Washington Request For Partial Reconveyance
Brand: US Legal Forms
Rating: 4.85 (493 reviews)

Category:

Washington Real Estate - Statewide - Reconveyances

State:

Washington

City:

Bellevue

Control #:

WA-1032-08

Format:

Instant download

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Description

This is an official Washington form for use in land transactions, a Request for Partial Reconveyance.

A Bellevue Washington Request for Partial Re conveyance is a legal document used in real estate transactions in the city of Bellevue, Washington. It is typically filed by a property owner or their authorized representative to initiate the process of releasing a portion of the property from an existing mortgage or deed of trust. This request is commonly made when the property owner has paid off a portion of their mortgage or intends to sell a portion of their property and wants to release it from the encumbrance of the mortgage. Keywords: Bellevue Washington, request, partial reconveyance, real estate transaction, property owner, authorized representative, mortgage, deed of trust, paid off, sell, encumbrance. There are two primary types of Bellevue Washington Request for Partial Re conveyance: 1. Request for Partial Re conveyance after Paying Off: This type of request is filed by a property owner who has paid off a significant portion of their mortgage. It allows them to release the portion of the property that has been paid down from the mortgage lien, enabling them to have clear title for that portion. 2. Request for Partial Re conveyance for Property Sale: This type of request is commonly made by a property owner who intends to sell a portion of their property while keeping the remaining portion. By filing this request, the property owner can release the portion being sold from the mortgage or deed of trust, ensuring the buyer acquires clear title. In both cases, the Bellevue Washington Request for Partial Re conveyance is an essential legal document that helps property owners in Bellevue to modify their property's encumbrance status and safeguard their interests during real estate transactions. Keywords: Bellevue Washington, request, partial reconveyance, property sale, clear title, mortgage lien, encumbrance, real estate transactions.

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FAQ

A document known as a substitution of trustee and full reconveyance identifies the person who has the authority to reconvey the property and remove the lien. Most importantly, a deed of full reconveyance, known as a satisfaction of mortgage in some states, transfers title back to the borrower.

A Deed of Reconveyance is documentation that the debt secured by a Deed of Trust (a document that allows a third-party to hold the title to a property until it is completely paid for) has been fully paid.

Either the beneficiary of the deed of trust must be located and asked to sign a request for reconveyance or the property owner must prove to the trustee that the obligation was satisfied and the property should be reconveyed.

In the state of Washington, when you pay off a mortgage, the lender must issue a deed of full reconveyance on the trust deed that secured the mortgage. The reconveyance deed is a recorded document that eliminates the lien that was recorded on the property.

A partial reconveyance is to reconvey a portion of the land subject to a deed of trust, not the loan amount. In this case ? like the great majority of cases ? we are not dealing with a subdivided parcel of land, so the customer won't be able to split up the land subject to the deed of trust.

The deed of reconveyance is completed and signed by the lender and filed with the local recording office, such as the county courthouse.

Note that deeds of release and reconveyance can work together, as the former removes the previous claim (the mortgage) from the property, while the latter actually transfers the title of the property to the borrower.

A deed of reconveyance is a legal document that indicates the transfer of a property's title from lender to borrower. The deed of reconveyance is typically issued after the borrower has paid off their mortgage in full. Some states do not use mortgages but use deeds of trust.

More info

Apply to Escrow Officer, Senior Loan Processor, Loan Officer and more! Notification Process Requesting Access to Property for Data Collection .In addition to filling out the application form, the applicant needs to draw a plot plan. 10 Application of Net Liquidation Proceeds.

Bellevue Washington Request For Partial Reconveyance

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FAQ

What does substitution reconveyance mean?

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