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California Substitution of Trustee and Deed of Reconveyance

Substitution Of Trustee And Full Reconveyance

Name: California Substitution of Trustee and Deed of Reconveyance
Brand: US Legal Forms
Price: 59.00 USD
Rating: 4.81 (211 reviews)

Category:

California Real Estate - Mortgage Documents

State:

California

Control #:

CA-RE-MD-5623-1

Format:

Instant download

Description

This form is a sample Substitution of Trustee and Deed of Reconveyance. The form may be customized to suit your needs. California Substitution of Trustee and Deed of Re conveyance are legal documents that are used in the state of California to transfer the ownership of a mortgaged property from one lender to another. The Substitution of Trustee document transfers the responsibility of managing the loan from the original lender to the new lender, while the Deed of Re conveyance document is used to transfer the legal title of the property from the original lender to the new lender. There are two types of California Substitution of Trustee and Deed of Re conveyance: Non-judicial and Judicial. Non-judicial Substitution of Trustee and Deed of Re conveyance are used when the property owner is in default on their mortgage and the loan is secured by a Deed of Trust. The Non-judicial process requires the parties to the transaction to sign the documents, and then they are recorded in the county recorder's office. Judicial Substitution of Trustee and Deed of Re conveyance are used when the property owner is in default on their mortgage and the loan is secured by a mortgage. The Judicial process requires the lender to go to court and obtain a court order authorizing the transfer of the loan to the new lender. Once the court order is obtained, the documents are recorded in the county recorder's office.

California Substitution of Trustee and Deed of Re conveyance are legal documents that are used in the state of California to transfer the ownership of a mortgaged property from one lender to another. The Substitution of Trustee document transfers the responsibility of managing the loan from the original lender to the new lender, while the Deed of Re conveyance document is used to transfer the legal title of the property from the original lender to the new lender. There are two types of California Substitution of Trustee and Deed of Re conveyance: Non-judicial and Judicial. Non-judicial Substitution of Trustee and Deed of Re conveyance are used when the property owner is in default on their mortgage and the loan is secured by a Deed of Trust. The Non-judicial process requires the parties to the transaction to sign the documents, and then they are recorded in the county recorder's office. Judicial Substitution of Trustee and Deed of Re conveyance are used when the property owner is in default on their mortgage and the loan is secured by a mortgage. The Judicial process requires the lender to go to court and obtain a court order authorizing the transfer of the loan to the new lender. Once the court order is obtained, the documents are recorded in the county recorder's office.

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FAQ

Understanding a Deed of Reconveyance A deed of trust is an agreement that puts the title of the property in trust, with the trustee as the beneficiary. Only until the debt is paid off by the borrower can a deed of reconveyance then be used to clear the deed of trust from the title to the property.

A deed of reconveyance is a legal document that indicates the transfer of a property's title from lender to borrower ? legally referred to as the trustor ? in deed of trust states. The deed of reconveyance is typically issued after the borrower has paid off their mortgage in full.

A Substitution of Trustee is a form filed when a successor trustee takes the place of a previous trustee. A successor is a person or entity who takes over and continues the role or position of another. For example, many grantors and their respective spouses act as the initial trustees of a revocable living trust.

File the deed of trust modification in the county courthouse in the county where the property is located. There may be a filing fee for this service, which you can find by contacting your county clerk. This information also may be posted on the county's official website.

Practically, lenders and servicers may want to consider including in payoff demand statements an additional $150 in recording fees for a Substitution of Trustee and Full Reconveyance ($75.00 for each document ?title?), necessary for the release of the loan.

The Full Reconveyance Form is completed and signed by the trustee, whose signature must be notarized. Full Reconveyance form can be purchased at most office supply or stationery stores. Usually the trustee named on your Deed of Trust will also have forms available and will issue the Full Reconveyance.

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In most cases, the document shows that a loan has been paid off. The substitution of trustee and full reconveyance document help facilitate the release of a mortgage lien from your home or other real property.A substitution of trustee and full reconveyance serves two purposes: It enables a lender (such as a mortgage company) to appoint a new trustee. A document known as a substitution of trustee and full reconveyance identifies the person who has the authority to reconvey the property and remove the lien. WHEREAS, Aqua Investors Fund III, LP was the original Trustor, Chicago Title Company was the original. WHEREAS, The City of North Las Vegas was the original Trustor(s), Old Republic Title. AND WHEN RECORDED MAIL TO. NAME ADDRESS. The Undersigned, present Beneficiary under that certain Deed of Trust with Assignment of Rents, Security. Original Loan Amount Paid Off? I received a Substitution of Trustee and Reconveyance, what does that mean?

Substitution Of Trustee And Full Reconveyance

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