- How Much Money Is Needed To Invest In Rental Property?
- Should A Real Estate Investor Get An Agent’s License?
- 5 Big Factors That Affect The Costs Of Renovating Your Home
- SIBOR Hike – What You Can Do With Your Current Loan
- 6 Basic Don’ts Of Real Estate Negotiation Tactics
- Will New Condo Relaunches Trigger The Great Property Sale We Have All Been Waiting For?
- 10 Proximity Amenities That Add Value To Real Estate
- How To Get Personal Loans More Easily With Good Credit
Reconveyance describes the process in which a mortgage debt is fully repaid or settled, and the property is conveyed back to the mortgager who is released from the debt.
This basically means that the home owner is now the sole owner of the property without liens against it.
Whether the term reconveyance is used to describe this process depends on the legal structure in which the mortgage was arranged.
For example, in deed of trust states, the term deed of reconveyance is commonly used to describe the document for such procedure. Sometimes it’s also referred to as a release deed.
The legal document used for the transfer of title, or conveyed, back to the trustor (borrower).
Do check with a real estate attorney when unsure about legal jargon as they are in the best position to know what terms refer to what in the local legislation.