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Washington Installments Fixed Rate Promissory Note Secured by Residential Real Estate - Washington

Washington Installments Fixed Rate Promissory Note Secured by Residential Real Estate - Washington 2025

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The document is a Washington Fixed Rate Note outlining the borrower's promise to repay a specified loan amount with interest through monthly installment payments. It details the terms of payment, including interest rates, prepayment rights, late charges for overdue payments, and consequences of default. Additionally, it emphasizes that the note is secured by a mortgage or similar security instrument, ensuring protection for the lender.

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What is a promissory note and deed of trust in Washington state?

Promissory notes and deeds of trust are subject to Washingtons six-year statute of limitations. Installment notes have two separate six-year limitations periods. The first applies to each payment and begins on the day it becomes overdue; the second applies to the entire debt and begins on the notes maturity date.

Does a promissory note need to be notarized in Washington state?

The debtor who owes the money can file Chapter 7 bankruptcy if eligible and you as their creditor will be permanently foreclosed from collection of the debt. A Promissory Note does not need to be Notarized. A Deed of Trust does because it must be recorded and provides much more protection.

What makes a promissory note invalid?

(a) Except as provided in subsection (e), an action to enforce the obligation of a party to pay a note payable at a definite time must be commenced within six years after the due date or dates stated in the note or, if a due date is accelerated, within six years after the accelerated due date.

Is a promissory note valid if it is not notarized?

Promissory notes dont have to be notarized in most cases. You can typically sign a legally binding promissory note that contains unconditional pledges to pay a certain sum of money. However, you can strengthen the legality of a valid promissory note by having it notarized.

Can a promissory note be secured by real property?

The property that secures a note is called collateral, which can be either real estate or personal property. A promissory note secured by collateral will need a second document. If the collateral is real property, there will be either a mortgage or a deed of trust.

What is required for a promissory note to be valid?

A promissory note will include the agreed-upon terms between the two parties, such as the maturity date, principal, interest, and issuers signature. Essentially, a promissory note allows entities other than financial institutions to provide lending services to other entities.

How does a promissory note work in real estate?

While many homeowners think theyre paying off the mortgage loan to officially own their home, its actually the promissory note that holds them to the promise. The lender keeps the note until mortgage repayment is complete. And the note gives them the power to foreclose if the homeowner defaults.