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.
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.