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Once you pay off your mortgage, the mortgage lender — also referred to as the “trustee” — creates the deed of reconveyance document. The lender then signs this document and has it notarized.
A property abstract is a summary of the legal documents that chronicle transactions associated with a particular parcel of land.Generally included are references to deeds, mortgages, wills, probate records, court litigations, and tax sales—basically, any legal document that affects the property.
Most "mortgages" in California are actually deeds of trust. [25] The effective difference is that the foreclosure process can be much faster for a deed of trust than for a mortgage, on the order of 3 months rather than a year. Because this foreclosure does not require actions by the court, the transaction costs can be quite a bit less.
The names of these offices are usually the "Recorder of Deeds" or something similar. State statutes also prescribe the following elements: What instruments are entitled to be recorded, usually deeds, mortgages (whether or not in the form of deeds of trust), leases (usually longer term varieties), easements, and court orders. There is generally ...
Transactions involving deeds of trust are normally structured, at least in theory, so that the lender/beneficiary gives the borrower/trustor the money to buy the property; the borrower/trustor tenders the money to the seller; the seller executes a grant deed giving the property to the borrower/trustor; and the borrower/trustor immediately executes a deed of trust giving the property to the ...
The assumption of a mortgage by the purchaser is typically included as part of the deed, although there is no requirement that it has to be in writing. In most jurisdictions, an explicit assumption is required. If a deed is silent or ambiguous on the matter, the court will assume the purchaser did not intend to assume the mortgage.
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