Washington Assignment of Deed of Trust is a legal document used in the state of Washington to transfer ownership of real property from one individual or entity to another. It is typically used when a lender (the trust or) transfers the legal right to enforce a promissory note (the deed of trust) to another party (the beneficiary). This document records the transfer of the deed of trust and is filed with the county recorder in the county where the property is located. There are two types of Washington Assignment of Deed of Trust: voluntary and involuntary. In a voluntary assignment, the trust or willingly transfers the deed of trust to another party. In an involuntary assignment, the transfer is done against the trust or's will, usually as a result of foreclosure.
Washington Assignment of Deed of Trust
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FAQ
Promissory notes and deeds of trust are subject to Washington's six-year statute of limitations.
Deeds of trust are the most common instrument used in the financing of real estate purchases in Alaska, Arizona, California, Colorado, the District of Columbia, Idaho, Maryland, Mississippi, Missouri, Montana, Nebraska, Nevada, North Carolina, Oregon, Tennessee, Texas, Utah, Virginia, Washington, and West Virginia,
Mortgage States and Deed of Trust States StateMortgage StateDeed of Trust StateWashingtonYWest VirginiaYWisconsinYWyomingY47 more rows
Trust deeds are common in Alaska, Arizona, California, Colorado, Idaho, Illinois, Mississippi, Missouri, Montana, North Carolina, Tennessee, Texas, Virginia, and West Virginia.
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.
What Is Assignment in a Deed of Trust? In real estate law, "assignment" is simply the transfer of a deed of trust from one party to another. This usually happens when the beneficiary of a trust deed sells their loan to another lender.
In Washington, a Deed of Trust is the most commonly used instrument to secure a loan. Foreclosure can be done non-judicially, saving time and expense.