Category: Deed of Trust

  • The Deed of Reconveyance

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    Deeds.com
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    Exiting a Mortgage in a “Deed of Trust State” If your mortgage exists in the form of a deed of trust, what happens at final payoff time? You’ll receive a deed of reconveyance, signed by the lender and notarized. Alternatively called a mortgage satisfaction or a full reconveyance form (depending on your state’s legal custom),…

  • You Have One Job: The Narrow Duty of a Trustee Under a Deed of Trust

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    Deeds.com
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    In states using deeds of trust, a trustee is a third party who holds legal title to a property until the homebuyer or commercial developer pays off a loan associated with the parcel—or until the borrower defaults. When a state’s law allows for deeds of trust as instruments to hold legal title to a property: A lender financing the sale or development…

  • Nevada Clarifies Mortgage Law, But What About Deed of Trust Lender Entry Provisions?

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    Deeds.com
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    In May 2019, effective October 1, 2019, Nevada passed Senate Bill 382 amending the law pertaining to deeds of trust, foreclosure sales, and homeowners’ associations. Among other things, this is a change to Nevada Revised Statute § 40.050, whose language states that a mortgage of real property is not deemed a conveyance. If a mortgage does not constitute a conveyance, the mortgage lender may take…

  • What Is a Deed of Trust?

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    Deeds.com
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    With a deed of trust, a buyer pledges an interest in real estate to secure a loan. In some states this takes the place of a mortgage document. (For a list of states commonly using deeds of trust see the section on Mortgage States and Deed of Trust States in our previous post, “You’ve Paid Off the Mortgage. What…

  • You’ve Paid Off the Mortgage. What Happens Now?

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    Deeds.com
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    Congratulations! Paying off a mortgage is an impressive milestone. Now that you have paid off all the debt on your property, your home state’s law will direct your lender to take certain actions.  The lender will send you a certificate of satisfaction. This certificate, which the lender records in your home county, notifies the public that you have satisfied your obligation, and…