Trustee Reconveyance Sample For Nonprofits

Q: How do you draft a trust deed?

To draft a trust deed, begin by defining the trust&#039;s purpose and naming the trustee, beneficiaries, and the property involved. Clearly articulate the duties and powers of the trustee. Utilizing a trustee reconveyance sample for nonprofits can help streamline this process, ensuring you include all necessary legal elements.

Category:

Real Estate - Mortgages and Deeds of Trust

State:

California

Control #:

CA-S123D

Format:

Instant download

This form is part of a form package!

Get all related documents in one bundle, so you don’t have to search separately.

View package

Description

The Trustee Reconveyance Sample for Nonprofits is a legal document designed to facilitate the transfer of property ownership from a trustee back to the individuals or parties entitled to it after a debt secured by a trust deed has been satisfied. This form includes key features such as the substitution of the trustee, acknowledgment of the execution, and the provision for exemptions from documentary transfer tax based on specific criteria. Users can complete the form electronically through fillable fields or print it for manual completion. For attorneys, partners, and legal professionals, this form serves as a crucial tool for managing property transfers in nonprofit contexts, ensuring compliance with state laws. Paralegals and legal assistants will find the detailed instructions and tips on filling the form particularly useful for client representation. This document is relevant for various use cases including securing nonprofit assets, reorganizing property ownership, and confirming title transfers, all of which are essential for maintaining the legal integrity of nonprofit operations.

Substitution of trustee and deed of reconveyance with mortgage

View this form

Action for reconveyance

View this form

Recorded with deeds

View this form

Assignment of Deed of Trust by Corporate M...

View this form

Amended and Restated Deed of Trust Securin...

View this form

How to fill out California Substitution Of Trustee, Request For Reconveyance And Reconveyance?

Visit the US Legal Forms website and log into your account if you are a returning user. Ensure your subscription is active to access the needed template.
For first-time users, start by browsing the form library. Check the preview mode and ensure the chosen sample meets your requirements and adheres to local jurisdiction standards.
Should you find any discrepancies, utilize the search bar to locate an alternative template that fits your needs.
Once you have found the correct sample, click the 'Buy Now' button and select a subscription plan that works for you. You will need to create an account for complete access.
Proceed to checkout by entering your payment details using a credit card or PayPal account to finalize your subscription.
After the purchase is complete, download the form directly to your device and access it anytime through the 'My Documents' section in your profile.

In conclusion, US Legal Forms not only simplifies the process of obtaining legal documents, but it also provides extensive resources and expert assistance for confidence in your submissions. The vast selection ensures you'll find the perfect match for your requirements.

Ready to get started? Visit US Legal Forms today and unlock the best legal resources available!

Form popularity

FAQ

An example of a trust deed is a legal document that specifies that one party holds property or assets for the benefit of another. This document outlines the responsibilities and rights of both the trustee and the beneficiary. For nonprofits, reviewing a trustee reconveyance sample for nonprofits can help illustrate how to construct an effective trust deed.

Recording a reconveyance typically requires you to complete a reconveyance document and submit it to your local recording office. Make sure to check your local regulations for any specific requirements. Utilizing a trustee reconveyance sample for nonprofits can simplify this task, providing a seamless way to format your document for submission.

To draft a trust deed, begin by defining the trust's purpose and naming the trustee, beneficiaries, and the property involved. Clearly articulate the duties and powers of the trustee. Utilizing a trustee reconveyance sample for nonprofits can help streamline this process, ensuring you include all necessary legal elements.

Writing a trust deed involves several key steps, including identifying the parties, describing the trust property, and setting out the terms of the trust. Start by outlining your intentions clearly and providing necessary details about the assets. For a solid foundation, you might look at a trustee reconveyance sample for nonprofits to understand how to format and structure your document.

Yes, you can write your own deed, but it is essential to ensure it complies with your state's laws. A well-written deed protects your interests and conveys property effectively. If you need guidance, consider referencing a trustee reconveyance sample for nonprofits; it can serve as a clear template.

The time it takes to receive a reconveyance deed generally ranges from a few days to several weeks, depending on the process followed by your lender or trustee. After fulfilling your mortgage obligations, they will issue a trustee reconveyance sample for nonprofits, indicating that the lien has been released. Factors such as the lender's processing time and local regulations may impact this duration. To expedite the process, consider using services like US Legal Forms which help streamline these tasks efficiently.

To obtain a reconveyance deed, you need to fulfill the terms of the original trust deed, which generally involves paying off the mortgage. After completing the payment, you can request a trustee reconveyance sample for nonprofits to formally process the deed transfer. It is advisable to contact the trustee or lender involved in your original agreement for specific instructions on requesting the reconveyance deed. Utilizing platforms like US Legal Forms can simplify this process and ensure compliance with legal requirements.

A deed of reconveyance is usually issued by the trustee listed in the original deed of trust. This individual or entity holds the title while the mortgage is active and prepares the reconveyance once the borrower fulfills their obligations. To ensure accuracy and compliance, it's often advisable to consult legal professionals. A Trustee reconveyance sample for nonprofits can serve as a reference in this process.

The trustee prepares a reconveyance when a borrower pays off their mortgage. This process signifies that the lender has relinquished their interest in the property. Typically, a title company or legal professional will assist in drafting this document. Using a Trustee reconveyance sample for nonprofits can streamline this process.

Interesting Questions

Trusted and secure by over 3 million people of the world’s leading companies

Substitution of Trustee, Request for Reconveyance and Reconveyance

Assignments Generally: Lenders, or holders of mortgages or deeds of trust, often assign mortgages or deeds of trust to other lenders, or third parties. When this is done the assignee (person who received the assignment) steps into the place of the original lender or assignor. To effectuate an assignment, the general rules is that the assignment must be in proper written format and recorded to provide notice of the assignment.

Satisfactions Generally: Once a mortgage or deed of trust is paid, the holder of the mortgage is required to satisfy the mortgage or deed of trust of record to show that the mortgage or deed of trust is no longer a lien on the property. The general rule is that the satisfaction must be in proper written format and recorded to provide notice of the satisfaction. If the lender fails to record a satisfaction within set time limits, the lender may be responsible for damages set by statute for failure to timely cancel the lien. Depending on your state, a satisfaction may be called a Satisfaction, Cancellation, or Reconveyance. Some states still recognize marginal satisfaction but this is slowly being phased out. A marginal satisfaction is where the holder of the mortgage physically goes to the recording office and enters a satisfaction on the face of the the recorded mortgage, which is attested by the clerk.

California Law

Assignment: It is recommended that an assignment be in writing and recorded.

Demand to Satisfy: If the trustee has failed to execute and record, or cause to be recorded, the full reconveyance within 60 calendar days of satisfaction of the obligation, the beneficiary, upon receipt of a written request by the trustor, shall execute and acknowledge a document ... substituting itself or another as trustee and issue a full reconveyance.

Recording Satisfaction: A certificate of the discharge of a mortgage, and the proof or acknowledgment thereof, must be recorded in the office of the county recorder in which the mortgage is recorded.

Penalty: All damages which that person may sustain by reason of the failure to record satisfaction shall require that the violator forfeit to that person the sum of three hundred dollars ($300).

Acknowledgment: An assignment or satisfaction must contain a proper California acknowledgment, or other acknowledgment approved by Statute.

California Statutes

CIVIL CODE
DIVISION 3- OBLIGATIONS
TITLE 14- LIEN
Chapter 2- Mortgages
Article 1- Mortgages In General: SECTION 2920-2944.5

...

2939. A recorded mortgage must be discharged by a certificate signed by the mortgagee, his personal representatives or assigns, acknowledged or proved and certified as prescribed by the chapter on "recording transfers," stating that the mortgage has been paid, satisfied, or discharged. Reference shall be made in said certificate to the book and page where the mortgage is recorded.

2939.5. Foreign executors, administrators and guardians may satisfy mortgages upon the records of any county in this state, upon producing and recording in the office of the county recorder of the county in which such mortgage is recorded, a duly certified and authenticated copy of their letters testamentary, or of administration or of guardianship, and which certificate or authentication shall also recite that said letters have not been revoked. For the purposes of this section, "guardian" includes a foreign conservator, committee, or comparable fiduciary.

2940. A certificate of the discharge of a mortgage, and the proof or acknowledgment thereof, must be recorded in the office of the county recorder in which the mortgage is recorded.

2941. (a) Within 30 days after any mortgage has been satisfied, the mortgagee or the assignee of the mortgagee shall execute a certificate of the discharge thereof, as provided in Section 2939, and shall record or cause to be recorded, except as provided in subdivision (c), in the office of the county recorder in which the mortgage is recorded. The mortgagee shall then deliver, upon the written request of the mortgagor or the mortgagor's heirs, successors, or assignees, as the case may be, the original note and mortgage to the person making the request.

(b) (1) When the obligation secured by any deed of trust has been satisfied, the beneficiary or the assignee of the beneficiary shall execute and deliver to the trustee the original note, deed of trust, request for a full reconveyance, and other documents as may be necessary to reconvey, or cause to be reconveyed, the deed of trust.

(A) The trustee shall execute the full reconveyance and shall record or cause it to be recorded, except as provided in subdivision (c), in the office of the county recorder in which the deed of trust is recorded within 21 calendar days after receipt by the trustee of the original note, deed of trust, request for a full reconveyance, the fee that may be charged pursuant to subdivision (e), recorder's fees, and other documents as may be necessary to reconvey, or cause to be reconveyed, the deed of trust.

(B) The trustee shall deliver a copy of the reconveyance to the beneficiary, its successor in interest, or its servicing agent, if known.

(C) Following execution and recordation of the full reconveyance, upon receipt of a written request by the trustor or the trustor's heirs, successors, or assignees, the trustee shall then deliver the original note and deed of trust to the person making that request.

(2) If the trustee has failed to execute and record, or cause to be recorded, the full reconveyance within 60 calendar days of satisfaction of the obligation, the beneficiary, upon receipt of a written request by the trustor or trustor's heirs, successor in interest, agent, or assignee, shall execute and acknowledge a document pursuant to Section 2934a substituting itself or another as trustee and issue a full reconveyance.

(3) If a full reconveyance has not been executed and recorded pursuant to either paragraph (1) or paragraph (2) within 75 calendar days of satisfaction of the obligation, then a title insurance company may prepare and record a release of the obligation. However, at least 10 days prior to the issuance and recording of a full release pursuant to this paragraph, the title insurance company shall mail by first-class mail with postage prepaid, the intention to release the obligation to the trustee, trustor, and beneficiary of record, or their successor in interest of record, at the last known address.

(A) The release shall set forth:

(i) The name of the beneficiary.
(ii) The name of the trustor.
(iii) The recording reference to the deed of trust.
(iv) A recital that the obligation secured by the deed of trust has been paid in full.
(v) The date and amount of payment.

(B) The release issued pursuant to this subdivision shall be entitled to recordation and, when recorded, shall be deemed to be the equivalent of a reconveyance of a deed of trust.

(4) Where an obligation secured by a deed of trust was paid in full prior to July 1, 1989, and no reconveyance has been issued and recorded by October 1, 1989, then a release of obligation as provided for in paragraph (3) may be issued.

(5) Paragraphs (2) and (3) do not excuse the beneficiary or the trustee from compliance with paragraph (1). Paragraph (3) does not excuse the beneficiary from compliance with paragraph (2).

(6) In addition to any other remedy provided by law, a title insurance company preparing or recording the release of the obligation shall be liable to any party for damages, including attorneys' fees, which any person may sustain by reason of the issuance and recording of the release, pursuant to paragraphs (3) and (4).

(c) The mortgagee or trustee shall not record or cause the certificate of discharge or full reconveyance to be recorded when any of the following circumstances exists:

(1) The mortgagee or trustee has received written instructions to the contrary from the mortgagor or trustor, or the owner of the land, as the case may be, or from the owner of the obligation secured by the deed of trust or his or her agent, or escrow.

(2) The certificate of discharge or full reconveyance is to be delivered to the mortgagor or trustor, or the owner of the land, as the case may be, through an escrow to which the mortgagor, trustor, or owner is a party.

(3) When the personal delivery is not for the purpose of causing recordation and when the certificate of discharge or full reconveyance is to be personally delivered with receipt acknowledged by the mortgagor or trustor or owner of the land, as the case may be, or their agent if authorized by mortgagor or trustor or owner of the land.

(d) For the purposes of this section, the phrases "cause to be recorded" and "cause it to be recorded" include, but are not limited to, sending by certified mail with the United States Postal Service or by an independent courier service using its tracking service that provides documentation of receipt and delivery, including the signature of the recipient, the full reconveyance or certificate of discharge in a recordable form, together with payment for all required fees, in an envelope addressed to the county recorder's office of the county in which the deed of trust or mortgage is recorded. Within two business days from the day of receipt, if received in recordable form together with all required fees, the county recorder shall stamp and record the full reconveyance or certificate of discharge. Compliance with this subdivision shall entitle the trustee to the benefit of the presumption found in Section 641 of the Evidence Code.

(e) The violation of this section shall make the violator liable to the person affected by the violation for all damages which that person may sustain by reason of the violation, and shall require that the violator forfeit to that person the sum of three hundred dollars ($300). However, a trustee acting in accordance with subdivision (c) shall not be deemed a violator for purposes of this subdivision.

(f) (1) The trustee, beneficiary, or mortgagee may charge a reasonable fee to the trustor or mortgagor, or the owner of the land, as the case may be, for all services involved in the preparation, execution, and recordation of the full reconveyance, including, but not limited to, document preparation and forwarding services rendered to effect the full reconveyance, and, in addition, may collect official fees. This fee may be made payable no earlier than the opening of a bona fide escrow or no more than 60 days prior to the full satisfaction of the obligation secured by the deed of trust or mortgage.

(2) If the fee charged pursuant to this subdivision does not exceed sixty-five dollars ($65), the fee is conclusively presumed to be reasonable.

(g) For purposes of this section, "original" may include an optically imaged reproduction when the following requirements are met:

(1) The trustee receiving the request for reconveyance and executing the reconveyance as provided in subdivision (b) is an affiliate or subsidiary of the beneficiary or an affiliate or subsidiary of the assignee of the beneficiary, respectively.

(2) The optical image storage media used to store the documentshall be nonerasable write once, read many (WORM) optical image media that does not allow changes to the stored document.

(3) The optical image reproduction shall be made consistent with the minimum standards of quality approved by either the National Institute of Standards and Technology or the Association for Information and Image Management.

(4) Written authentication identifying the optical image reproduction as an unaltered copy of the note, deed of trust, or mortgage shall be stamped or printed on the optical image reproduction.

(h) The amendments to this section enacted at the 1999-2000 Regular Session shall apply only to a mortgage or an obligation secured by a deed of trust that is satisfied on or after January 1, 2001.

2941.5. Every person who willfully violates Section 2941 is guilty of a misdemeanor punishable by fine of not less than fifty dollars ($50) nor more than four hundred dollars ($400), or by imprisonment in the county jail for not to exceed six months, or by both such fine and imprisonment. For purposes of this section, "willfully" means simply a purpose or willingness to commit the act, or make the omission referred to. It does not require an intent to violate the law, to injure another, or to acquire any advantage.