Reconveyance

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Reconveyance

The transfer of real property that takes place when a mortgage is fully paid off and the land is returned to the owner free from the former debt.

reconveyance

n. in those states which use deeds of trust as a mortgage on real property to secure payment of a loan or other debt, the transfer of title by the trustee (which has been holding title to the real property) back to the borrower (on the written request of the borrower) when the secured debt is fully paid. Under the deed of trust the borrower transfers title in the real property to the trustee (often a title or escrow company) which holds it for the benefit of the lender (called "beneficiary"). The lender must surrender the promissory note to the trustee who cancels it and then reconveys title and records the reconveyance. (See: deed of trust)

References in periodicals archive ?
189) Notice that the government could not reconvey the property to a religious group or it would find itself in the same bind, unable to enforce land use regulations against the owner of the property because of RLUIPA's zoning provisions.
After all, the law might quite reasonably say, instead, that an effort to transfer formal title in an asset from a principal to an agent, when that agent remains subject to the control of the principal and to a promise ultimately to reconvey the asset and the title to the principal, does not succeed in changing the legal character of that asset as property of the principal rather than of the agent, at least for purposes of creditors' rights.
When HUD wanted to reconvey the property, the servicer claimed it was being maintained.
When it does, the easy answer is to first withdraw the property from the trust and then reconvey it to the intended donees.
With the exception of inventories, the Company will reconvey to Futura all assets previously acquired from Futura, consisting primarily of intellectual property rights.
In the state where this mortgage was held, the beneficiary of the loan is allowed 60 days to reconvey the property.
Finally, the court noted that the refusal of two of the 29 recipients to reconvey the stock back to the corporation was not determinative.
First Nickel must complete a minimum of $1,750,000 in exploration work on the Dundonald Property by December 31, 2005, failing which it must reconvey title to the Dundonald Property back to Falconbridge, free of encumbrances.
The Company must complete a minimum of $1,750,000 in exploration work on the Dundonald Property by December 31, 2005, failing which it must reconvey the Dundonald Property back to Falconbridge, free of encumbrances.
1 million shares of common stock, and Mid-Power would be required to reconvey to Davis the Clear Creek property.
The city council has approved a proposal to reconvey the assets of the water system to the water works and sewer board of the city of Birmingham.
The Farmout Agreement provides that Smith will reconvey all of the drillsites to Inland once Smith has recovered from production an amount equal to 100% of its expenditures, including management fees and severance and production taxes, plus an additional sum equal to 18% per annum on such expended sums.