Fiduciary Meaning

Upon the return receipt of the Address Verification Letter, the property reconveyance process will begin. Once all the paperwork has been received by the Administrative Office, it may take up to thirty (30) calendar days to process. The deeds of trust are processed in the sequence received.

A satisfaction of mortgage is a signed document confirming that the borrower has paid off the mortgage in full and that the mortgage is no longer a lien on the property.

In financed real estate transactions, trust deeds transfer the legal title of a property to a third partysuch as a bank, escrow company, or title companyto hold until the borrower repays their debt to the lender. Trust deeds are used in place of mortgages in several states.

When you sign a trust deed, you agree to make affordable monthly payments over a fixed period of up to four years to reduce your debts. At the end of the four-year period, any remaining debts will be written off. In other words, you will have nothing more to pay.

In order to clear the Deed of Trust from the title to the property, a Deed of Reconveyance must be recorded with the Country Recorder or Recorder of Deeds. If the Trustee/Beneficiary fails to record a satisfaction within the set time limits, the Trustee/Beneficiary may be responsible for damages as set out by statute.

Reconveyance is the transfer of a title to the borrower after a mortgage has been fully paid.

A deed of reconveyance refers to a document that transfers the title of a property to the borrower from the bank or mortgage holder once a mortgage is paid off. It is used to clear the deed of trust from the title to the property.

(c) The Mortgagor has paid off all the dues of the Mortgagee under the said Deed in full and the Mortgage debt stands satisfied in full. (d) In the circumstances, the Mortgagor has requested the Mortgagee to execute the reconveyance of Mortgaged property to which the Mortgagee has agreed as appearing hereinafter.