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Reconveyance |
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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) |
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My big project right now is to develop a bankruptcy and reconveyance department at the firm. 181, in which the taxpayer had an obligation to accept reconveyance of the land if buyer was unable to obtain rezoning of the land rezoned for business purpose. 1, 1998, if the entire interest in the Roth IRA was reconveyed to the owner before 1999, the Service will treat the gift and reconveyance as never having occurred for estate, gift and GST tax purposes. |
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