This is an official Washington form for use in land transactions, a Deed of Trust [Long Form] (with individual acknowledgment).
The Tacoma Washington Deed of Trust — Long For— - with Individual Acknowledgment is a legal document that serves as security for a loan made on a property situated within Tacoma, Washington. This document establishes a lien on the property, giving the lender a legal right to foreclose and recover the outstanding payment amount if the borrower defaults on the loan. The long-form deed of trust includes various essential provisions that protect both the lender and borrower's interests. It outlines the terms of the loan agreement, such as the principal amount, interest rate, repayment schedule, and any applicable late fees or penalties. Additionally, it specifies the legal description of the property, providing a precise identification of the parcel of land involved. Individual acknowledgment is an essential component of this deed of trust, ensuring that each party involved personally acknowledges the execution of the document before a notary public or other authorized individual. This acknowledgment adds a layer of authenticity and helps in preventing potential disputes regarding the validity of the deed in the future. There may be different types or variations of the Tacoma Washington Deed of Trust — Long For— - with Individual Acknowledgment based on specific circumstances or requirements. Some common types may include: 1. Residential Deed of Trust: This type of deed of trust is used when the loan is obtained for a residential property, such as a single-family house or a condominium unit. It includes clauses that pertain specifically to residential property transactions and compliance with relevant laws and regulations. 2. Commercial Deed of Trust: This variation is utilized when the loan is obtained for commercial property purposes, such as office buildings, shopping centers, or industrial facilities. It may contain additional provisions related to the permissible use of the property, zoning restrictions, and compliance with commercial regulations. 3. Refinance Deed of Trust: When an existing loan is being refinanced, a refinancing deed of trust may be used to modify the terms of the original loan or secure a new loan using the property as collateral. This variation would include provisions specifically related to refinancing transactions. 4. Second or Junior Deed of Trust: In some cases, an additional loan is taken out on a property that already has an existing first deed of trust. This second deed of trust is subordinate to the first and provides security for the subsequent loan. It should clearly state its subordinate position and establish the order of priority if foreclosure becomes necessary. Whatever the specific type, a Tacoma Washington Deed of Trust — Long Form — with Individual Acknowledgment is a legally binding instrument that establishes the terms of a loan secured by a property in Tacoma, Washington, providing both the borrower and lender with the necessary protection and rights. It is crucial to consult with legal professionals when drafting or executing such documents to ensure compliance with state laws and ensure the rights of all parties involved are properly safeguarded.
