Full Reconveyance Definition

What is full reconveyance definition?

A full reconveyance definition refers to the process of transferring a property's legal title back to the borrower once they have paid off their mortgage or loan in full. It is a final step in the mortgage or loan repayment process and helps the borrower regain complete ownership of the property.

What are the types of full reconveyance definition?

There are two main types of full reconveyance definition:

Deed of Reconveyance: This type of reconveyance is used when the property is held as collateral for a loan, such as a mortgage. The lender, also known as the beneficiary, prepares a deed of reconveyance to transfer the property title back to the borrower once the loan is fully repaid.
Release of Mortgage: This type of reconveyance is used specifically for mortgage loans. Once the borrower has paid off the mortgage, the lender issues a release of mortgage, which states that the mortgage has been fully satisfied and the borrower has regained full ownership of the property.

How to complete full reconveyance definition?

Completing a full reconveyance definition involves the following steps:

01
Ensure the loan or mortgage is fully repaid, including any interest or additional fees.
02
Obtain the necessary documents, such as a deed of reconveyance or release of mortgage, from the lender or mortgage company.
03
Review the documents for accuracy and completeness.
04
Sign the documents in the presence of a notary public, if required.
05
Record the documents with the appropriate county or state office to officially transfer the property title back to the borrower.
06
Retain copies of the completed documents for your records.

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