Reconveyance

(redirected from reconvey)
Also found in: Dictionary, Financial.

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 ?
Note that even if the government could reconvey the property, thereby recovering some of its purchase price, it would still have to shoulder the cost of any diminution in value due to the zoning, an amount that can be substantial.
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.
In the state where this mortgage was held, the beneficiary of the loan is allowed 60 days to reconvey the property.
With the exception of inventories, the Company will reconvey to Futura all assets previously acquired from Futura, consisting primarily of intellectual property rights.
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.
Unless at the end of the two year period Barrick elects to reconvey Gold Bar to Atlas, Atlas may choose either to receive an additional $15,000,000 in cash and retain a 2% net smelter royalty, or to participate with Barrick in the further exploration and development of the property as a 25% carried joint venture participant.
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.
Unless Barrick elects to reconvey the properties to Atlas at the end of the two year period, upon the transfer of the balance of the properties to Barrick, Atlas will have the right to receive $15,000,000 and retain a 2% net smelter royalty, or to participate with Barrick in the further exploration and development of the properties as a 25% carried joint venture participant.
Thereafter, Homestake will be obliged to reconvey the properties to Silverado if it breaches the Agreement or if it determines not to go forward.