This form is a deed of trust modification. It is to be entered into by a borrower, co-grantor, and the lender. The agreement modifies the mortgage or deed of trust to secure a debt described within the agreement. Other provisions include: renewal and extension of the lien, co-grantor liability, and note payment terms.
Deeds Of Trust To Secure In Washington
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Multi-State
Control #:
US-00183
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Word;
Rich Text
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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.
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.
To transfer real property into your Trust, a new deed reflecting the name of the Trust must be executed, notarized and recorded with the County Recorder in the County where the property is located. Care must be taken that the exact legal description in the existing deed appears on the new deed.
The deed of trust must then be recorded with the county where the property is located, and each of the parties (the trustor, trustee, and lender) should keep a copy of the recorded document.
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.
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.
Disadvantages of a Trust Deed For borrowers, if financial circumstances change, default on repayment can result in property foreclosure.
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 ...