A Washington deed of trust transfers title of a borrower’s property to a trustee as collateral for a home loan provided by a lender. After the borrower’s debt is settled, their title will be reconveyed to them. If the borrower fails to repay the lender, the trustee can foreclose and sell the property without a court order (a “non-judicial foreclosure”). This process involves less time and cost than a judicial foreclosure which must first go through court. Deeds of trust cannot be executed for properties that are primarily used for agriculture, as in these cases, a non-judicial foreclosure is not permitted.
- Statutes: §§ 61.24.005 to 61.24.190
- Formatting: § 64.32.120, § 65.04.045, § 65.04.048
- Signing Requirements (§ 64.03.020): Notary Public
- Where to Record: County Recorder’s Office (Court Directory)
- Recording Fees (King County Recorder’s Office): $204.50 for the first page + $1 for each additional page
- Cover Sheet (§ 65.04.047): Unless provided on a deed’s first page, a cover sheet including the information defined in § 65.04.045 must be affixed to the document. The recorder’s office may request a county-specific cover page (e.g., Pierce County).
Related Forms (1)
Washington Promissory Note – A loan agreement promising the debt repayment.