This is an official Washington form for use in land transactions, a Deed of Trust [Long Form] (with individual acknowledgment).
The Spokane Valley Washington Deed of Trust — Long For— - with Individual Acknowledgment is a legal document that establishes a lender's security interest in a property located in Spokane Valley, Washington. This deed of trust serves as an agreement between a borrower (also known as the trust or) and a lender (also known as the beneficiary). This long form of the Spokane Valley Washington Deed of Trust provides a comprehensive and detailed outline of the terms and conditions of the loan, the property being used as collateral, and the rights and obligations of both parties involved. It ensures a transparent and legally binding agreement that protects the rights and interests of all parties. The content within the Spokane Valley Washington Deed of Trust — Long Form includes the following relevant elements: 1. Parties involved: The names and addresses of both the borrower (trust or) and the lender (beneficiary) are clearly stated at the beginning of the document. This ensures proper identification and assurance of the intended contractual relationship. 2. Property description: The deed of trust contains a detailed description of the property being used as collateral, including the legal description, address, and any specific details that identify the exact location and boundaries of the property. 3. Loan details: This section outlines the terms of the loan, including the principal amount, interest rate, repayment schedule, and any additional provisions such as late payment penalties or prepayment options. The borrower's responsibilities in maintaining insurance and paying property taxes are often mentioned in this section as well. 4. Granting clause: The deed of trust includes a granting clause where the borrower transfers legal title and interest in the property to the lender as security for the loan. This clause signifies the lender's right to seize and sell the property in case of default by the borrower. 5. Covenants and conditions: This section outlines the specific obligations and responsibilities of the borrower, such as maintaining the property, not encumbering the property with additional liens, and allowing the lender access for inspections and appraisals. 6. Default and remedies: The deed of trust clearly defines the actions that constitute a default, such as failure to make timely payments or violation of any terms outlined in the agreement. It also outlines the remedies available to the lender in case of default, including foreclosure procedures and the right to sell the property. The Spokane Valley Washington Deed of Trust — Long For— - with Individual Acknowledgment does not have different types within itself, as it refers to a specific legal document used for real property transactions in Spokane Valley, Washington. However, it is essential to consult with an attorney or a title company to ensure that the specific details and language of the deed of trust reflect the unique circumstances and requirements of the parties involved in the transaction.
