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If the loan is completely paid off (either before or at the end of the loan term), the Trustee is responsible for dissolving the Trust and transferring the legal title over to the new owner (the borrower).
If the loan is completely paid off (either before or at the end of the loan term), the Trustee is responsible for dissolving the Trust and transferring the legal title over to the new owner (the borrower).
Washington Deed of Trust and Promissory Note Information. A deed of trust (DOT), is a document that conveys title to real property to a trustee as security for a loan until the grantor (borrower) repays the lender according to terms defined in an attached promissory note.
Removal of the deed of trust is usually done by a reconveyance of the property affected by the deed of trust. In the typical case, when the money has been paid in full or the obligation has been fully performed, the beneficiary of the deed of trust makes a written request to the trustee to reconvey the property.
Washington Deed of Trust and Promissory Note Information. A deed of trust (DOT), is a document that conveys title to real property to a trustee as security for a loan until the grantor (borrower) repays the lender according to terms defined in an attached promissory note.
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You will usually be discharged after four years, but some trust deeds can last for longer. This information will be included in the terms of the trust deed. If the trust deed does not become protected, your discharge will only be binding on those creditors who agreed to the arrangement.
Removal of the deed of trust is usually done by a reconveyance of the property affected by the deed of trust. In the typical case, when the money has been paid in full or the obligation has been fully performed, the beneficiary of the deed of trust makes a written request to the trustee to reconvey the property.
When you pay off your loan and you have a mortgage, the lender will send you or the local recorder of deeds or office that handles the filing of real estate documents a release of mortgage. This release of mortgage is recorded or filed and gives notice to the world that the lien is no more.
With your mortgage paid off, you do not have to send the mortgage company any more money. Send discharge of mortgage letter to your county: Your mortgage company should send all of the required documents to your county clerks office notifying them that your home is no longer bound by a mortgage.
In general, however, Washington State law will not allow a private trust to continue longer than 21 years after the death of the last identifiable individual living who has an interest in the trust at the time the trust was established. Charitable trusts, on the other hand, may continue indefinitely.

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