Can you sell a house with a deed of trust?

Yes, you can sell a home with a Deed of Trust. However, just like a mortgage, if you're selling the home for less than you owe on it, you'll need approval from the lender.

US Legal Forms
Change or Modification Agreement of Deed of Trust

Deed Of Trust Example In Washington

Category:

Real Estate - Mortgages and Deeds of Trust

State:

Multi-State

Control #:

US-00183

Format:

Instant download

Description

The Deed of Trust Modification Agreement in Washington is a legal document used to modify existing mortgage agreements. Key features of the form include the identification of the borrower, co-grantor, and lender, as well as the terms of the debt being modified. Users must fill in specific details such as the modification date, principal amount, and property description. The form highlights provisions for renewal and extension of the lien, amendments to the security instrument, and co-grantor liability. It also outlines payment terms, interest rates, late charges, and procedures for giving notices. This form is particularly useful for attorneys, partners, owners, associates, paralegals, and legal assistants involved in real estate transactions or mortgage modifications. It ensures clarity in the relationship between the borrower and lender while protecting both parties’ interests. Proper filling and adherence to legal standards are essential for the enforceability of the agreement.

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FAQ

To create a living trust in Washington, prepare a written trust document and sign it before a notary public. To finalize the trust and make it effective, you must transfer ownership of your assets into it. A living trust is an effective tool that can provide you with the flexibility and privacy you seek.

Except as provided in this chapter, a deed of trust is subject to all laws relating to mortgages on real property. A deed conveying real property to a trustee in trust to secure the performance of an obligation of the grantor or another to the beneficiary may be foreclosed by trustee's sale.

A deed of trust will include the same type of information stated in a mortgage document, such as: The identities of the borrower, lender, and trustee. A full description of the property to be placed in trust. Any restrictions or requirements on the use of the property while it is in trust.

Create a trust document: You can do this either by yourself through an online service or with the help an estate planning attorney. Get the trust document notarized: Sign the document in front of a notary. Transfer your property into the trust: You can do this by yourself, though it can be tricky.

The trustee must register the trust by filing with the clerk of the court in any county where venue lies for the trust under RCW 11.96A.

This Deed of Trust (the “Trust Deed”) sets out the terms and conditions upon which: Settlor Name (the “Settlor”), of Settlor Address, settles that property set out in Schedule A (the “Property”) upon Trustee Name (the “Trustee”), being a Company duly registered under the laws of state with registered number ...

Yes, you can sell a home with a Deed of Trust. However, just like a mortgage, if you're selling the home for less than you owe on it, you'll need approval from the lender.