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 ?
Cal-Western Reconveyance Corporaton, to Pnc Bank National Association; 2155 Ohio St, Eugene, 97402; $225,000.
Wel-Co Group, Inc., (46) a surety claimed that a creditor's reconveyance of a deed of trust to borrowers, after the borrowers paid the amount necessary to avoid foreclosure, impaired its subrogation rights.
(57) Reconveyance to D was "the very relief requested by the plaintiffs in their underlying action based on a fraudulent conveyance....
(71) There is no clear reason why notification alone should impose specific liability that lingers beyond a reconveyance. As a matter of policy, attaching a penalty for notifying authorities about a hazardous condition would discourage people from obeying the law and frustrate CERCLA's general ambition of locating and cleaning up disposal sites.
[section] 1632 is entitled "Statute of limitations on decisions of Secretary and reconveyance of land by Village Corporation."
(16) A year later, In re Rahrer (17) blessed this "reconveyance" of regulatory power by Congress to the states.
Other real estate-related services subsidiaries include Chicago Tide Flood Services Inc.; Chicago Title Credit Services Inc.; Chicago Title - Market Intelligence Inc.; Chicago Title Field Services Inc.; and Consolidated Reconveyance, a division of Chicago Title Insurance Co.
In an effort to help the sale go forward, you agree to the following terms: you will cancel the note owed by the current owner and will execute a reconveyance of your second trust deed.
In turn, the PCGG filed for the Reconveyance, Recovery of Possession, Accounting and Damages of the PJI Properties on October 11, 1996.
Believing in his cause, Lorenz filed a complaint for reconveyance of land and cancellation of its transfer certificate title against spouses Neo and Nen, Ed, and the Bank.
The SC instead affirmed the anti-graft court's ruling, which dismissed the complaint for reconveyance, reversion, restitution and damages against the Marcoses and other respondents, including former construction magnate Rodolfo Cuenca and former trade minister Roberto Ongpin.
457 (2000), where a taxpayer was held to have merely engaged in an exchange with himself because, rather than using a third-party exchange facilitator, the taxpayer made an outright purchase of the replacement property (unimproved land) prior to the exchange, then conveyed tide to a third party for the period during which improvements were constructed, followed by the reconveyance of the improved property to the taxpayer to complete an exchange for other property owned by the taxpayer.