Escrow & Title
Washington's Deed of Trust Act gives a borrower how many days after the trustee's sale to assert any claims against the trustee or lender for procedural violations?
A10 days
B30 days✓ Correct
C90 days
D1 year
Explanation
Under RCW 61.24, a borrower has 30 days after the trustee's sale to bring an action against the trustee or beneficiary for failure to comply with the procedural requirements of the Deed of Trust Act.
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Key Terms to Know
Deed of Trust
A security instrument used in many states instead of a mortgage, involving three parties: borrower (trustor), lender (beneficiary), and a neutral trustee.
DeedA written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
LienA financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
Short SaleA sale of real property where the sale proceeds are less than the outstanding mortgage balance, requiring lender approval.
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