We are making a loan to purchase a second home in WA. The borrower's primary residence is in Texas. I am familiar with RESPA and Reg Z requirements, but are there any state disclosure requirements we need to comply with? Also, the Title Commitment contains language regarding a Survey in order for them to insure against encrouchments, but we have been told that surveys aren't done in Washington? How are property taxes assessed and paid - monthly, quarterly, or annually? Are there any other state issues we need to be aware of since this is a consumer purpose loan, even though it is not going to be their homestead.
Is there a "Vendor's Lien" in Washington? In Texas, the Warranty Deed includes "Vendor's Lien" language if the purchase of the property is being financed. Is any type of "purpose" wording (such as purchase money lien wording) required on the Deed of Trust?
Sorry for all the questions, but this is the first loan we have made on property in Washington state.