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A deed of reconveyance is a document that transfers the title of a property from the bank or mortgage company to the borrower once they’ve fully paid off the debt. What information is included ...
In law, conveyancing is the transfer of legal title of real property from one person to another, or the granting of an encumbrance such as a mortgage or a lien. [1] A typical conveyancing transaction has two major phases: the exchange of contracts (when equitable interests are created) and completion (also called settlement, when legal title passes and equitable rights merge with the legal title).
If repaid on time, the lender would reinvest title using a reconveyance deed. This was the mortgage by conveyance (aka mortgage in fee) or, when written, the mortgage by charter and reconveyance [8] and took the form of a feoffment, bargain and sale, or lease and release. Since the lender did not necessarily enter into possession, had rights of ...
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 ...
If you see a deed of reconveyance, the mortgage has likely been satisfied. Another place to check is your tax returns. If the old mortgage was discarded, the lender would have sent you a 1099-C ...
If this is your situation, you may think that foreclosure is the only option that you have. Maybe you don’t know what a deed in lieu of foreclosure or a short sale are. Simply handing over the ...
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 ...
To understand what a deed in lieu means, it’s important to know first that the property deed is the legal document that transfers ownership to a certain party. In addition, foreclosure is the ...
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