Nevada Sample Letter regarding Notifying Client of Cancellation of Deed of Trust
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How to fill out Sample Letter Regarding Notifying Client Of Cancellation Of Deed Of Trust?
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FAQ
This form allows the lender to choose a new trustee and authorizes the new trustee to reconvey title by recording the form. This form can be exercised by the original beneficiary/lender or a secondary beneficiary/lender who may have purchased/inherited the promissory note.
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.
What is the Nevada Substitution of Trustee and Deed of Reconveyance (For Deed of Trust) When a promissory note secured by a Deed of Trust is paid off, the beneficiary/lender contacts the trustee and notifies him/her to reconvey title to the Trustor/borrower.
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. Most importantly, a deed of full reconveyance, known as a satisfaction of mortgage in some states, transfers title back to the borrower.
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.
