This is an official Washington form for use in land transactions, a Deed of Trust [Amended Long Form] (with representative acknowledgment).
The King Washington Deed of Trust — Amended Long For— - with representative acknowledgment is a legal document used in the state of Washington to secure a loan against real estate property. It acts as a guarantee for the lender that the borrower will repay the loan in a timely manner. This detailed description aims to provide a comprehensive overview of the key elements, purpose, and types of the King Washington Deed of Trust. The King Washington Deed of Trust — Amended Long For— - with representative acknowledgment consists of several sections and clauses that outline the rights and obligations of the borrower (also referred to as the trust or), the lender (also known as the beneficiary), and the trustee, who is a neutral third party responsible for overseeing the trust. This legal agreement contains pertinent details, such as the identification of the parties involved, the description of the property being used as collateral, the loan amount, interest rate, repayment terms, and any specific conditions agreed upon by the parties. It is important to note that this particular form of the King Washington Deed of Trust has a representative acknowledgment section, which verifies the authority of the individual signing the document on behalf of a corporation, limited liability company (LLC), or other legal entity. The representative acknowledgment is crucial when the borrower is acting on behalf of an entity, as it confirms the person's authority to bind the organization to the terms outlined in the agreement. It protects all parties involved by ensuring that a proper representative with necessary authority has executed the deed. Different types or variations of the King Washington Deed of Trust — Amended Long For— - with representative acknowledgment may include variations in specific terms or conditions tailored to meet the unique needs of the parties involved. For instance, there may be provisions related to prepayment penalties, late fees, acceleration of the loan, or limitations on transferring or encumbering the property during the term of the loan. In summary, the King Washington Deed of Trust — Amended Long Form — with representative acknowledgment is a comprehensive legal document used in Washington state to secure real estate loans. By outlining the rights, obligations, and conditions of the involved parties, it serves as a crucial tool in protecting the interests of both lenders and borrowers.
