An accord and satisfaction is a method of discharging a contract by substituting for the contract an agreement for its satisfaction and the execution of the substituted agreement. The accord is the agreement. The satisfaction is the execution or performance of the agreement.
In this form, Creditor agrees to secure a new mortgage loan secured by a mortgage or deed of trust on certain real property owned by Debtor. In the event that Creditor does secure a new mortgage loan, all moneys received by Creditor, over and above the existing secured indebtedness on the premises and over and above the expenses of obtaining a mortgage loan, will be credited to the account of Debtor. In the event that Creditor is able to obtain a new mortgage loan secured by the premises in an amount that would exceed the debt owing Creditor by Debtor, Creditor will refund to Debtor the excess amount. Creditor agrees that, after a mortgage loan has been secured on the above-described property, Creditor will immediately convey the property to Debtor for the sole consideration of the assumption by Debtor of the indebtedness secured by the property.
Until such time as a new mortgage loan is secured on this property, Creditor will rent the property to Debtor for a sum that will equal the monthly payments due on the existing mortgage loan.
The Washington Agreement for Accord and Satisfaction by Refinancing Debtor's Property in the Name of the Creditor is a legal arrangement that involves the transfer of property ownership from a debtor to a creditor as a means of settling a debt. This agreement allows the debtor to satisfy their outstanding obligations by refinancing their property and transferring ownership to the creditor named in the agreement. Keywords: Washington Agreement, Accord and Satisfaction, Refinancing, Debtor's Property, Creditor. There are no different types of Washington Agreement for Accord and Satisfaction by Refinancing Debtor's Property in Name of Creditor. It is a specific legal arrangement that outlines the conditions and terms under which the property transfer for debt settlement occurs.
