Washington Request for Full Reconveyance
Definition and meaning
The Washington Request for Full Reconveyance is a legal document used to formally request the transfer of property ownership back to the borrower after a mortgage or deed of trust has been fully paid off. This document serves to clear the title of any encumbrances related to the original loan agreement, providing the borrower with a clean title to their property.
How to complete a form
Completing the Washington Request for Full Reconveyance involves several clear steps:
- Identify the parties involved: Fill in the name of the beneficiary and the grantor(s) associated with the original loan.
- Detail the loan information: Enter the original sum of the promissory note and the date of the Deed of Trust.
- Include recording information: Provide the Auditor’s File No. and details about where it was recorded.
- Sign and date: Ensure that the beneficiary signs the document and dates it accordingly.
Who should use this form
This form is ideal for homeowners in Washington who have fully paid off their mortgage or deed of trust. Individuals such as property owners and beneficiaries of a loan agreement will benefit from utilizing this document to formally clear the property title of any encumbrances.
Key components of the form
The Washington Request for Full Reconveyance includes several key components:
- Beneficiary's name: The individual or entity holding the promissory note.
- Grantor's details: Information about the property owner(s).
- Loan details: The original amount of the loan, the date of the Deed of Trust, and related recording information.
- Signature and date: The beneficiary must sign and date the document to validate the request.
Common mistakes to avoid when using this form
When completing the Washington Request for Full Reconveyance, be mindful of the following common mistakes:
- Incomplete information: Ensure all required fields are filled out accurately.
- Missing signatures: Verify that the beneficiary has signed the form before submission.
- Incorrect recording details: Double-check the Auditor’s File No. and recording information for accuracy.
What documents you may need alongside this one
In addition to the Washington Request for Full Reconveyance, you may need the following documents:
- Original promissory note
- Deed of Trust
- Proof of payment, such as a statement or receipt
- Identification verification, such as a driver's license or ID
Form popularity
FAQ
Reconveyance is the transfer of a title to the borrower after a mortgage has been fully paid.
A document known as a substitution of trustee and full reconveyance identifies the person who has the authority to reconvey the property and remove the lien.Once the document is registered, it establishes the borrower as the sole owner of the property, which is now free and clear of the previous mortgage.
When a deed of trust/mortgage is paid in full, you can record a Full Reconveyance from the trustee stating publicly that the loan has been paid. The Full Reconveyance Form. is completed and signed by the trustee, whose signature must be notarized.
An action for reconveyance, on the other hand, is a legal and equitable remedy granted to the rightful owner of land which has been wrongfully or erroneously registered in the name of another for the purpose of compelling the latter to transfer or reconvey the land to him.
Upon the return receipt of the Address Verification Letter, the property reconveyance process will begin. Once all the paperwork has been received by the Administrative Office, it may take up to thirty (30) calendar days to process. The deeds of trust are processed in the sequence received.
A mortgage holder issues a deed of reconveyance to indicate that the borrower has been released from the mortgage debt. The deed transfers the property title from the lender, also called the beneficiary, to the borrower. This document is most commonly used when a mortgage has been paid in full.
Complete the top area of the reconveyance deed. Enter the name of and address of the person who executed the deed of trust, the borrower or debtor. Refer to the original deed of trust for the name spelling. Complete the middle section, the trustee's name and address.
A reconveyance fee is a charge that comes from the title company of a property or from an attorney in some states. This fee is what covers the cost of taking away any lien that a lender has on an owner's property title when the owner wants to refinance the property. The fee is taken at closing.