What is a deed of exchange?

A deed of exchange, or land exchange, is a legal document in Washington State that transfers the ownership of one property to another party, while the other party transfers ownership of a different property in exchange. This typically happens when two parties want to trade their properties, usually because the properties are of equal value. The deed of exchange serves as proof that each party is responsible for the transfer of their property. The deed also states the conditions of the exchange, such as any payments made, the value of each property, and the rights and obligations of each party. The deed is signed by both parties and notarized. Washington law requires that all deeds of exchange must be recorded with the county assessor. Additionally, the terms of the deed must meet the requirements of the statute and be in writing, signed by both parties, and include a legal description of the properties being exchanged. When the deed is recorded, the new owners take possession of their new properties, and their rights and obligations are recorded in the deed. In Washington, if a deed of exchange is not properly recorded, the transaction can be challenged in court. Therefore, having a valid deed of exchange is important for both parties interested in exchanging properties.

Related FAQs

What is a subordination agreement?
What are the necessary steps for a real estate closing?
What is the difference between a lease and a license?
What is an exclusive right-to-sell agreement?
What is a lis pendens?
What is an implied covenant?
What is a leasehold estate?
What are the various types of restrictive covenants?
What is an encroachments clause?
What is a title insurance policy?

What is a deed of exchange?

Related FAQs

Related Blog Posts