A Washington Deed of Trust — Assignment is a legal document that enables the transfer of a deed of trust from the original beneficiary to a new party, referred to as the assignee. This assignment allows the assignee to assume all the rights, interests, and obligations associated with the original deed of trust. In Washington, there are two different types of Deed of Trust — Assignment: 1. Absolute Assignment: This type of assignment is a complete transfer of the deed of trust, where the assignee becomes the new beneficiary, responsible for receiving payments from the borrower (trust or), enforcing the terms of the trust deed, and exercising any remedies in the case of default. 2. Collateral Assignment: Unlike an absolute assignment, a collateral assignment grants the assignee only a partial interest in the deed of trust. The assignee holds the security interest in the deed of trust as collateral for an underlying debt. In this case, the original beneficiary retains some rights, interests, and obligations associated with the trust deed. It is important to note that the Washington Deed of Trust — Assignment must be properly documented and recorded with the county recorder's office where the property is located. This ensures that the assignment is legally valid and provides notice to all parties involved, including the borrower. When executing a Washington Deed of Trust — Assignment, certain key terms and information need to be included: — Names and contact details of the assignor (original beneficiary) and assignee. — Legal description of the property securing the deed of trust. — Original deed of trust recording information, including the county and date of recording. — Assignment effective date, outlining when the transfer of rights and interests will occur. — Terms and conditions of the assignment, including any specific provisions or limitations. — Signatures of both the assignor and assignee, along with notarization if required. In summary, a Washington Deed of Trust — Assignment is a legal instrument that allows for the transfer of a deed of trust from one party to another, either through an absolute assignment or collateral assignment. Proper documentation and recording are crucial to ensure the assignment's validity and protect the rights and interests of all parties involved.