Washington Satisfaction, Release or Cancellation of Deed of Trust by Corporation

Q: What happens when a deed of trust is paid off?

The property&#039;s title remains in the trust until the loan is paid off, or satisfied, then it is released from the trust. To complete the release, the lender prepares a deed of reconveyance. This document states that the conditions of the loan have been met and you have no further financial obligations to the lender.

Q: How is a deed of trust released?

The property&#039;s title remains in the trust until the loan is paid off, or satisfied, then it is released from the trust. To complete the release, the lender prepares a deed of reconveyance. It&#039;s signed by a representative of the lender and notarized, like other types of deeds.

Q: Can you sell a house with a deed of trust?

If there&#039;s a deed of trust on a property, the lender can sell the property and pay off the loan. Whether your loan falls under the mortgage or deed of trust definition, you&#039;ll need to get approval from the lender before you sell your home for less than you owe.

Category:

Real Estate - Mortgages and Deeds of Trust

State:

Washington

Control #:

WA-S123

Format:

Instant download

This form is part of a form package!

Get all related documents in one bundle, so you don’t have to search separately.

View package

What is this form?

The Satisfaction, Release or Cancellation of Deed of Trust by Corporation is a legal form used to release or cancel a mortgage secured by a property in Washington State. This form serves as official documentation indicating that a corporation has fulfilled its obligations under the terms of the deed of trust, thereby releasing the property from any mortgage lien. It is essential to ensure compliance with state laws regarding real estate transactions, making this form distinct from other similar legal documents focused solely on individual transactions or residential borrowers.

Form components explained

Date of the original deed of trust or mortgage.
Details of the mortgagor, original trustee, and original beneficiary.
Property description as stated in the deed of trust.
Promissory note details, including the amount and beneficiary's information.
Statement of assignment, if applicable.
Signatures of corporate representatives and notarization section.

Partial Release of Deed of Trust

View this form

Release of Mortgagor

View this form

Letter Notice to Borrower of Satisfaction of Mortgage

View this form

Letter to Recording Office for Recording of Satisfaction of Mortgage

View this form

Satisfaction, Release or Cancellation of Deed of Trust by Individual

View this form

When to use this form

This form should be used when a corporation wishes to formally release a mortgage on a property in Washington, signaling that the debt secured by the deed of trust has been satisfied. This may occur after a loan has been fully paid off or if the corporation decides to cancel the mortgage for any reason. Proper execution of the form is crucial to ensure that the release is legally recognized and recorded with the appropriate authorities.

Intended users of this form

Corporations that have provided a deed of trust as a lender.
Real estate professionals handling property transactions.
Individuals responsible for managing corporate assets and liabilities.
Legal representatives of the corporation involved in property transactions.

Instructions for completing this form

Identify and enter the date of the original deed of trust or mortgage.
List the names of the mortgagor(s), original trustee, and original beneficiary.
Provide a clear description of the property as detailed in the deed of trust.
Document any assignment information if applicable.
Ensure the form is signed by authorized corporate officers and notarized.

Does this form need to be notarized?

This document requires notarization to meet legal standards. US Legal Forms provides secure online notarization powered by Notarize, allowing you to complete the process through a verified video call, available 24/7.

Built-in online Word editor

Make edits, fill in missing information, and update formatting in US Legal Forms—just like you would in MS Word.

Export easily

Download a copy, print it, send it by email, or mail it via USPS—whatever works best for your next step.

E-sign your document

Sign and collect signatures with our SignNow integration. Send to multiple recipients, set reminders, and more. Go Premium to unlock E-Sign.

Notarize online 24/7

If this form requires notarization, complete it online through a secure video call—no need to meet a notary in person or wait for an appointment.

Store your document securely

We protect your documents and personal data by following strict security and privacy standards.

Make edits, fill in missing information, and update formatting in US Legal Forms—just like you would in MS Word.

Download a copy, print it, send it by email, or mail it via USPS—whatever works best for your next step.

Sign and collect signatures with our SignNow integration. Send to multiple recipients, set reminders, and more. Go Premium to unlock E-Sign.

If this form requires notarization, complete it online through a secure video call—no need to meet a notary in person or wait for an appointment.

We protect your documents and personal data by following strict security and privacy standards.

Typical mistakes to avoid

Failing to properly identify the property being released.
Not providing complete details for all necessary parties.
Omitting the notarization process after signing.
Incorrectly filling out the assignment section if applicable.

Benefits of using this form online

Immediate access to expertly drafted legal templates.
Convenient download options allow for quick execution.
Editability ensures the form can be tailored to specific needs.
Compliance with legal standards reduces the risk of errors.

Main things to remember

The Satisfaction, Release or Cancellation of Deed of Trust by Corporation is essential for releasing a mortgage lien in Washington.
Ensure all parts of the form are accurately filled out and notarized.
This document protects the rights of all involved by officially canceling the mortgage claim.

Looking for another form?

This field is required

Home Sale Deed Quitclaim Deed Lady Bird Deed Mortgage Right of First Refusal Land or Executory Contract

Notice of Dishonored Check - Civil - Keywo...

View this form

Form popularity

FAQ

The property's title remains in the trust until the loan is paid off, or satisfied, then it is released from the trust. To complete the release, the lender prepares a deed of reconveyance. This document states that the conditions of the loan have been met and you have no further financial obligations to the lender.

A deed of release literally releases the parties to a deal from previous obligations, such as payments under the term of a mortgage because the loan has been paid off. The lender holds the title to real property until the mortgage's terms have been satisfied when a deed of release is commonly entered into.

A deed of release or release deed is a legal document that removes the claim of a person from an immovable property and transfers his/her share to the co-owner. The release deed procedure is executed in the sub-registrars office and both the parties are required to be present for signing it.

A Deed of Release is a legal document, also known as a deed of settlement, used to formalise an agreement between two or more parties involved in a dispute. In an employment setting, a Deed of Release is often used to resolve a dispute between an employer and employee or ex-employee.

In order to clear the Deed of Trust from the title to the property, a Deed of Reconveyance must be recorded with the Country Recorder or Recorder of Deeds. If the Trustee/Beneficiary fails to record a satisfaction within the set time limits, the Trustee/Beneficiary may be responsible for damages as set out by statute.

Is completed and signed by the trustee, whose signature must be notarized. Full Reconveyance form can be purchased at most office supply or stationery stores. Usually the trustee named on your Deed of Trust will also have forms available and will issue the Full Reconveyance.

The property's title remains in the trust until the loan is paid off, or satisfied, then it is released from the trust. To complete the release, the lender prepares a deed of reconveyance. It's signed by a representative of the lender and notarized, like other types of deeds.

If there's a deed of trust on a property, the lender can sell the property and pay off the loan. Whether your loan falls under the mortgage or deed of trust definition, you'll need to get approval from the lender before you sell your home for less than you owe.

A Deed of Trustis a document where a borrower transfers the legal title for its property to a trustee who holds the property in trust as security for the payment of the debt to the lender. If the borrower pays the debt as agreed, the deed of trust becomes void and the lender executes a Deed of Reconveyance.

Acknowlegment for Witnessing or Attesting a Signature

View this form

Washington Eastern District Bankruptcy Guide and Forms Package for Chapters 7 or 13

View this form

Washington Western District Bankruptcy Guide and Forms Package for Chapters 7 or 13

View this form

Bill of Sale with Warranty by Individual Seller

View this form

Acknowlegment for Attestation of a Copy of a Document

View this form

Bill of Sale with Warranty for Corporate Seller

View this form

Trusted and secure by over 3 million people of the world’s leading companies

Satisfaction, Release or Cancellation of Deed of Trust by Corporation

Assignments Generally: Lenders, or holders of mortgages or deeds of trust, often assign mortgages or deeds of trust to other lenders, or third parties. When this is done the assignee (person who received the assignment) steps into the place of the original lender or assignor. To effectuate an assignment, the general rules is that the assignment must be in proper written format and recorded to provide notice of the assignment.
Satisfactions Generally: Once a mortgage or deed of trust is paid, the holder of the mortgage is required to satisfy the mortgage or deed of trust of record to show that the mortgage or deed of trust is no longer a lien on the property. The general rule is that the satisfaction must be in proper written format and recorded to provide notice of the satisfaction. If the lender fails to record a satisfaction within set time limits, the lender may be responsible for damages set by statute for failure to timely cancel the lien. Depending on your state, a satisfaction may be called a Satisfaction, Cancellation, or Reconveyance. Some states still recognize marginal satisfaction but this is slowly being phased out. A marginal satisfaction is where the holder of the mortgage physically goes to the recording office and enters a satisfaction on the face of the the recorded mortgage, which is attested by the clerk.
Washington Law
Execution of Assignment or Satisfaction: Whenever the amount due on any mortgage is paid, the mortgagee or the mortgagee's legal representatives or assigns shall, at the request of any person interested in the property mortgaged, execute an instrument in writing referring to the mortgage by the volume and page of the record or otherwise sufficiently describing it and acknowledging satisfaction in full thereof. Said instrument shall be duly acknowledged. An Assignment must be executed by the mortgage holder.
Assignment: An assignment must be in writing and recorded.
Demand to Satisfy: Whenever the amount due on any mortgage is paid, the mortgagee shall, within sixty days of receipt of the request of any person interested in the property mortgaged, execute an instrument referring to the mortgage by the volume and page of the record and acknowledging satisfaction in full thereof.
Recording Satisfaction: An instrument acknowledging satisfaction shall be, upon request, recorded in the county wherein the property is situated. ... Trustee shall record the reconveyance of the property to the person entitled thereto upon receipt of the written request.
Penalty: If the mortgagee fails to acknowledge satisfaction of the mortgage sixty days from the date of such request or demand, the mortgagee shall forfeit and pay to the mortgagor damages and a reasonable attorneys' fee.
Acknowledgment: An assignment or satisfaction must contain a proper Washington acknowledgment, or other acknowledgment approved by Statute.
Washington Statutes
RCW 61.24.020 - Deeds subject to all mortgage laws--Foreclosure--Recording and indexing--Trustee and beneficiary, separate entities, exception.
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. The county auditor shall record the deed as a mortgage and shall index the name of the grantor as mortgagor and the names of the trustee and beneficiary as mortgagee. No person, corporation or association may be both trustee and beneficiary under the same deed of trust: PROVIDED, That any agency of the United States government may be both trustee and beneficiary under the same deed of trust. A deed of trust conveying real property that is used principally for agricultural purposes may be foreclosed as a mortgage. Pursuant to *RCW 62A.9-501(4), when a deed of trust encumbers both real and personal property, the trustee is authorized to sell all or any portion of the grantor's interest in that real and personal property at a trustee's sale.
RCW 61.24.110 - Reconveyance by trustee.
(1) The trustee of record shall reconvey all or any part of the property encumbered by the deed of trust to the person entitled thereto on written request of the beneficiary, or upon satisfaction of the obligation secured and written request for reconveyance made by the beneficiary or the person entitled thereto.
(2) If the beneficiary fails to request reconveyance within the sixty-day period specified under RCW 61.16.030 and has received payment as specified by the beneficiary's demand statement, a title insurance company or title insurance agent as licensed and qualified under chapter 48.29 RCW, a licensed escrow agent as defined in RCW 18.44.011, or an attorney admitted to practice law in this state, who has paid the demand in full from escrow, upon receipt of notice of the beneficiary's failure to request reconveyance, may, as agent for the person entitled to receive reconveyance, in writing, submit proof of satisfaction and request the trustee of record to reconvey the deed of trust.
(3)(a) If the trustee of record is unable or unwilling to reconvey the deed of trust within one hundred twenty days following payment to the beneficiary as prescribed in the beneficiary's demand statement, a title insurance company or title insurance agent as licensed and qualified under chapter 48.29 RCW, a licensed escrow agent as defined in RCW 18.44.011, or an attorney admitted to practice law in this state may record with each county auditor where the original deed of trust was recorded a notarized declaration of payment. The notarized declaration must: (i) Identify the deed of trust, including original grantor, beneficiary, trustee, loan number if available, and the auditor's recording number and recording date; (ii) state the amount, date, and name of the beneficiary and means of payment; (iii) include a declaration that the payment tendered was sufficient to meet the beneficiary's demand and that no written objections have been received; and (iv) be titled "declaration of payment."
(b) A copy of the recorded declaration of payment must be sent by certified mail to the last known address of the beneficiary and the trustee of record not later than two business days following the date of recording of the notarized declaration. The beneficiary or trustee of record has sixty days from the date of recording of the notarized declaration to record an objection. The objection must: (i) Include reference to the recording number of the declaration and original deed of trust, in the records where the notarized declaration was recorded; and (ii) be titled “objection to declaration of payment.” If no objection is recorded within sixty days following recording of the notarized declaration, any lien of the deed of trust against the real property encumbered must cease to exist. 
 
RCW 61.16.010 – Assignments, how made–Satisfaction by assignee. 
 
Any person to whom any real estate mortgage is given, or the assignee of any such mortgage, may, by an instrument in writing, signed and acknowledged in the manner provided by law entitling mortgages to be recorded, assign the same to the person therein named as assignee, and any person to whom any such mortgage has been so assigned, may, after the assignment has been recorded in the office of the auditor of the county wherein such mortgage is of record, acknowledge satisfaction of the mortgage, and discharge the same of record. 
 
RCW 61.16.020 – Mortgages, how satisfied of record. 
 
Whenever the amount due on any mortgage is paid, the mortgagee or the mortgagee’s legal representatives or assigns shall, at the request of any person interested in the property mortgaged, execute an instrument in writing referring to the mortgage by the volume and page of the record or otherwise sufficiently describing it and acknowledging satisfaction in full thereof. Said instrument shall be duly acknowledged, and upon request shall be recorded in the county wherein the mortgaged property is situated. Every instrument of writing heretofore recorded and purporting to be a satisfaction of mortgage, which sufficiently describes the mortgage which it purports to satisfy so that the same may be readily identified, and which has been duly acknowledged before an officer authorized by law to take acknowledgments or oaths, is hereby declared legal and valid, and a certified copy of the record thereof is hereby constituted prima facie evidence of such satisfaction. 
 
RCW 61.16.030 – Failure to acknowledge satisfaction of mortgage–Damages–Order. 
 
If the mortgagee fails to acknowledge satisfaction of the mortgage as provided in RCW 61.16.020 sixty days from the date of such request or demand, the mortgagee shall forfeit and pay to the mortgagor damages and a reasonable attorneys’ fee, to be recovered in any court having competent jurisdiction, and said court, when convinced that said mortgage has been fully satisfied, shall issue an order in writing, directing the auditor to immediately record the order.

Satisfaction, Release or Cancellation of Deed of Trust by Corporation

Washington Satisfaction, Release or Cancellation of Deed of Trust by Corporation

This form is part of a form package!

What is this form?

Form components explained

Related forms

When to use this form

Intended users of this form

Instructions for completing this form

Does this form need to be notarized?

Get your form ready online

Typical mistakes to avoid

Benefits of using this form online

Main things to remember

Looking for another form?

Viewed forms

Form popularity

FAQ

What happens when a deed of trust is paid off?

What is a release of deed of trust mean?

What is the meaning of release deed?

What does a deed of release do?

How do I remove a deed of trust?

Who signs a deed of reconveyance?

How is a deed of trust released?

Can you sell a house with a deed of trust?

When a deed of trust is executed?

Explore more forms

Trusted and secure by over 3 million people of the world’s leading companies