Storey County Substitution of Trustee and Deed of Reconveyance (For Deed of Trust) Form (Nevada)

The following Nevada and Storey County supplemental forms are included as a courtesy with your order:

When using these Substitution of Trustee and Deed of Reconveyance (For Deed of Trust) forms, the subject real estate must be physically located in Storey County. The executed documents should then be recorded in the following office:

Local jurisdictions located in Storey County include:

• Virginia City

When a promissory note secured by a Deed of Trust is paid off, the beneficiary/lender contacts the trustee and notifies him/her to reconvey title to the Trustor/borrower. If the original Trustee is unavailable or can't act, a substitute trustee is typically chosen. This form allows the lender to choose a new trustee and authorizes the new trustee to reconvey title by recording the form. This form can be exercised by the original beneficiary/lender or a secondary beneficiary/lender who may have purchased/inherited the promissory note.

Use this document when the subject "Deed of Trust" has been recorded formatted Pursuant to Nev. Rev. Stat. Sect. 107.073 (If the deed of trust has been recorded by a microfilm or other photographic process, a marginal release may not be used and an acknowledged reconveyance of the deed of trust must be recorded.) (NRS 107.073(2))

Typically, within 21 day after satisfaction of debt, the lender delivers to the (trustee or trustor/) borrower (the original note and deed of trust), (if the beneficiary)/lender (is in possession of those documents). The lender will also (execute a request to reconvey the estate in real property conveyed to the trustee by the grantor)/trustor/borrower. (NRS107.077(1))

If the Promissory Note secured, (by a Deed of Trust is made on or after October 1, 1991), (is paid or otherwise satisfied or discharged, and a properly executed request to reconvey is received by the trustee, the trustee shall cause to be recorded a reconveyance of the deed of trust.). This is required (within 45 days.) (NRS107.077(2))

(If the beneficiary fails to deliver to the trustee a properly executed request to reconvey pursuant to subsection 1, or if the trustee fails to cause to be recorded a reconveyance of the deed of trust pursuant to subsection 2, the beneficiary or the trustee, as the case may be, is liable in a civil action to the grantor, his or her heirs or assigns in the sum of $1,000, plus reasonable attorney's fees and the costs of bringing the action, and the beneficiary or the trustee is liable in a civil action to any party to the deed of trust for any actual damages caused by the failure to comply with the provisions of this section and for reasonable attorney's fees and the costs of bringing the action.) (NRS107.077(3))

(Nevada SOT and DOR Package includes form, guidelines, and completed example) For use in Nevada only.

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