New Blog 1: Full Reconveyance

Sunday 9 December 2012

Full Reconveyance

In law, conveyancing is the transfer of legal title of property from one person to another, or the granting of an encumbrance such as a mortgage or a lien. When you refinance your mortgage, expect to pay a number of fees. A loan reconveyance fee is a typical charge when you refinance a mortgage, collected when you have a full reconveyance document prepared. A reconveyance is the document a lender records when a loan has been paid in full by the borrower. It is the evidence that the loan is no longer an encumbrance on the property that the deed secured. When a borrower takes out a loan on real property, the lender holds a deed of trust as security, and the deed contains a request for full reconveyance. When the underlying note is paid in full, the reconveyance is recorded by the title company that is the trustee at the county recorder where the property is located.