Who can be a trustee on a deed of trust in North Carolina?

In North Carolina, any individual or entity can serve as a trustee on a deed of trust, provided they meet certain legal criteria. Typically, the trustee should be reliable and trustworthy, as they manage and oversee the trust's assets. It's advisable for individuals considering an Oxnard California Request for Reconveyance of Deed of Trust by Individual to ensure they understand the qualifications of a trustee in their state, as it may impact their trust's effectiveness.

US Legal Forms
Localized Forms
California
Oxnard
California Request for Reconveyance of Deed of Trust by Individual

Oxnard California Request for Reconveyance of Deed of Trust by Individual

Name: Oxnard California Request for Reconveyance of Deed of Trust by Individual
Brand: US Legal Forms
Rating: 4.74 (325 reviews)

Category:

Real Estate - Mortgages and Deeds of Trust

State:

California

City:

Oxnard

Control #:

CA-S123F

Format:

Instant download

Upgrade to a Package! Burning your Mortgage? Satisfaction & Release Pack. Go to Package

Description

This deed, or deed-related form, is for use in property transactions in the designated state. This document, a sample Request for Reconveyance of Deed of Trust by Individual (Category: Mortgages and Deeds of Trust), can be used in the transfer process or related task. Adapt the language to fit your circumstances. Available for download now in standard format(s). USLF control no. CA-S123F

Title: Understanding the Process of Requesting Re conveyance of Deed of Trust by an Individual in Oxnard, California Introduction: In Oxnard, California, individuals who have paid off their mortgage or fulfilled the terms of their loan agreement are entitled to a reconveyance of the deed of trust. This legal document confirms that the borrower has successfully repaid their debt and directs the County Recorder's Office to release the lien on the property. In this article, we will discuss the process and various types of Oxnard California Request for Re conveyance of Deed of Trust by an Individual, highlighting the relevant keywords and information. 1. Oxnard California Request for Re conveyance of Deed of Trust by Individual: The Oxnard California Request for Re conveyance is a legal process allowing individuals who have satisfied their loan obligations to obtain a clear title to their property. This request must be submitted by the borrower to the County Recorder's Office to initiate the reconveyance process. Key steps include preparing necessary documents, paying associated fees, and submitting the request in person or by mail. 2. Types of Oxnard California Request for Re conveyance of Deed of Trust by Individual: a) Full Re conveyance: This type is applicable when an individual has paid off their mortgage or loan in its entirety, fulfilling their financial obligations. The borrower must provide evidence of the loan satisfaction and submit a request for full reconveyance to establish clear ownership of the property. b) Partial Re conveyance: In certain cases, an individual may want to request a partial reconveyance if they have paid off a portion of the loan. This type of reconveyance releases the lien on the specific amount paid, while the remaining balance remains. This option provides a way to clear the title partially and can be helpful for property refinancing or equity calculations. c) Trustee-to-Trustee Transfer: When transferring a property between trust entities, a request for reconveyance may be necessary to establish a clear title for the new trustee. Trustee-to-trustee transfer reconveyance ensures a smooth transition of ownership, allowing the new trustee to assume full responsibility for the property. 3. Key Factors and Documentation: When requesting a reconveyance of the deed of trust, it is crucial to follow the necessary steps and provide the required documentation. These include: — Copy of the original deeothersus— - Proof of loan satisfaction (such as a paid-in-full statement or satisfaction note) — Trustee's RequesforeRconveyancece form — Preliminary Change of Ownership Report (POOR) — Payment of recording fees Conclusion: Requesting a reconveyance of the deed of trust is an important step for individuals in Oxnard, California, who have fulfilled their loan obligations. Understanding the specific type of reconveyance needed and following the correct procedure can ensure a clear title to the property. By familiarizing oneself with the relevant information and utilizing the appropriate keywords, residents can successfully navigate the reconveyance process in Oxnard, California.

Sacramento Agreement for Donation of Land to City

View this form

Palm Beach Agreement for Donation of Land to City

View this form

Suffolk Agreement for Donation of Land to City

View this form

Hillsborough Agreement for Donation of Land to City

View this form

Bronx Agreement for Donation of Land to City

View this form

How to fill out Oxnard California Request For Reconveyance Of Deed Of Trust By Individual?

If you are seeking a legitimate form template, it’s incredibly challenging to locate a more user-friendly platform than the US Legal Forms site – one of the most extensive online collections.

With this collection, you can obtain a vast array of form samples for business and personal uses by categories and states, or keywords.

With our top-notch search functionality, acquiring the latest Oxnard California Request for Reconveyance of Deed of Trust by Individual is as simple as 1-2-3.

Complete the transaction. Use your credit card or PayPal account to finalize the registration process.

Obtain the form. Specify the format and save it to your device.

Moreover, the pertinence of each document is validated by a team of expert lawyers who routinely review the templates on our site and update them in accordance with the latest state and county standards.
If you are already acquainted with our system and possess an account, all you need to do to obtain the Oxnard California Request for Reconveyance of Deed of Trust by Individual is to Log In to your account and select the Download option.
If you utilize US Legal Forms for the first time, simply adhere to the instructions outlined below.
Ensure you have selected the sample you desire. Review its description and use the Preview feature (if available) to view its content. If it doesn't meet your requirements, use the Search option at the top of the screen to find the appropriate document.
Verify your choice. Choose the Buy now option. Afterward, pick the preferred pricing plan and provide details to create an account.

Form popularity

FAQ

Filing a deed of trust in California involves preparing the document and getting it signed by all parties involved, including the borrower, lender, and trustee. Make sure you include all necessary details, such as the property description. After signing, you must record the deed with the county recorder's office in Oxnard. You can use the Oxnard California Request for Reconveyance of Deed of Trust by Individual to understand your filing requirements better and ensure everything is in order.

An individual can absolutely serve as a trustee on a deed of trust. This provision allows for personal oversight and management of the trust's assets. However, the individual needs to be knowledgeable about fiduciary duties to fulfill their responsibilities effectively. When handling an Oxnard California Request for Reconveyance of Deed of Trust by Individual, our platform can assist you in ensuring you understand all trustee obligations.

In North Carolina, any individual or entity can serve as a trustee on a deed of trust, provided they meet certain legal criteria. Typically, the trustee should be reliable and trustworthy, as they manage and oversee the trust's assets. It's advisable for individuals considering an Oxnard California Request for Reconveyance of Deed of Trust by Individual to ensure they understand the qualifications of a trustee in their state, as it may impact their trust's effectiveness.

Yes, a family trust can have a single trustee. Many individuals choose to act as the sole trustee to maintain control over their family's assets. This arrangement simplifies decision-making but requires the trustee to be diligent in their duties. For those navigating an Oxnard California Request for Reconveyance of Deed of Trust by Individual, understanding the implications of being a single trustee is crucial.

A beneficiary can indeed serve as a trustee of the same trust. This arrangement is common and can provide the beneficiary with direct control over the trust's assets. However, it is important to manage this dual role carefully to ensure fairness and transparency among beneficiaries. If you are looking for guidance regarding an Oxnard California Request for Reconveyance of Deed of Trust by Individual, our services can help clarify these roles.

Yes, in some cases, a trustee can also be a member of the trust. This situation often occurs in family trusts where the individual who manages the trust's property also benefits from it. However, clarity in roles is essential for effective management and to avoid potential conflicts. When dealing with an Oxnard California Request for Reconveyance of Deed of Trust by Individual, understanding these roles can prevent future issues.

One of the biggest mistakes parents make when setting up a trust fund is neglecting to clearly communicate their intentions to heirs. This can lead to misunderstandings and conflicts among family members. If you are considering an Oxnard California Request for Reconveyance of Deed of Trust by Individual, emphasizing clear communication and detailed planning can prevent issues later on.

To transfer property out of a living trust in California, prepare a new deed that assigns ownership from the trust to the individual. Once the deed is created, it must be signed and recorded with the county. Ensuring accurate documentation will streamline your Oxnard California Request for Reconveyance of Deed of Trust by Individual, helping you to effectively reallocate property.

You can obtain a copy of your deed of trust by contacting the county recorder's office where the deed was originally filed. Many counties also offer online access to public records, making it easier to retrieve the document. If you're managing an Oxnard California Request for Reconveyance of Deed of Trust by Individual, having a copy of this deed can greatly assist in your efforts.

To obtain a full reconveyance in California, you should first ensure that all obligations under the deed of trust have been fulfilled. After that, the lender will need to execute a reconveyance deed, which must then be recorded with the county clerk's office. Utilizing platforms like uslegalforms can simplify the process when submitting your Oxnard California Request for Reconveyance of Deed of Trust by Individual.

Interesting Questions

More info

Real estate lawyers can work with both individuals and businesses. A Deed of Reconveyance certifies that a debt secured in a Deed of Trust has been repaid and transfers title of real property to the borrower from a trustee.

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

Request for Reconveyance of Deed of Trust by Individual

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.