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Reconveyance

   Also found in: Dictionary/thesaurus, Financial 0.01 sec.

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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Cal-Western Reconveyance Corporation to Merrill Lynch First Franklin Mtg Loa; 85142 Florence Rd, Eugene, 97405; $479,200.
This can include fees for legal documents, recording deeds, escrow fee, real estate commission fee, reconveyance fee, and Title Insurance.
Reconveyance is when an individual or bogus company offers to purchase your home for you and allow you to make low monthly payments as a buy-back agreement.
 
 
 
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