Deed Of Reconveyance Without Extinguishment Of Debt
Description
How to fill out Deed Of Trust - Release?
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FAQ
A defeasance clause is a provision in some mortgage contracts indicating that the borrower will receive the title to the property once all of the mortgage payments have been made.
*To record the reconveyed deed, the property owner must go to the office of the Registrar-Recorder in which the property is located. For example, if the property is located in Los Angeles County, the reconveyed deed must be taken to the Los Angeles County Recorder's Office.
For example, a corporation may defease a bond issue by purchasing all of the outstanding bonds or by depositing cash or other securities with the issuer. Another example would be a lender who offers a defeasance clause to a borrower as an incentive to enter into a loan agreement.
As an example, say Sally decides to purchase a house, and in doing so, she needs to take out a mortgage of $300,000 from the bank. The new property acts as collateral under the deed of trust. Once Sally has fully paid off her mortgage, the trustee must then complete a ?Request for Reconveyance.?
When a deed of trust/mortgage is paid in full, you can record a Full Reconveyance from the trustee stating publicly that the loan has been paid. The Full Reconveyance Form is completed and signed by the trustee, whose signature must be notarized.