Kansas Fiduciary Deed for use by Executors, Trustees, Trustors, Administrators and other Fiduciaries
Description Trust Executor Vs Trustee
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Trustors Deed Form popularity
Executor's Deed Other Form Names
FAQ
(c) The Mortgagor has paid off all the dues of the Mortgagee under the said Deed in full and the Mortgage debt stands satisfied in full. (d) In the circumstances, the Mortgagor has requested the Mortgagee to execute the reconveyance of Mortgaged property to which the Mortgagee has agreed as appearing hereinafter.
A deed of reconveyance refers to a document that transfers the title of a property to the borrower from the bank or mortgage holder once a mortgage is paid off. It is used to clear the deed of trust from the title to the property.
Reconveyance is the transfer of a title to the borrower after a mortgage has been fully paid.
In order to clear the Deed of Trust from the title to the property, a Deed of Reconveyance must be recorded with the Country Recorder or Recorder of Deeds. If the Trustee/Beneficiary fails to record a satisfaction within the set time limits, the Trustee/Beneficiary may be responsible for damages as set out by statute.
When you sign a trust deed, you agree to make affordable monthly payments over a fixed period of up to four years to reduce your debts. At the end of the four-year period, any remaining debts will be written off. In other words, you will have nothing more to pay.
In financed real estate transactions, trust deeds transfer the legal title of a property to a third partysuch as a bank, escrow company, or title companyto hold until the borrower repays their debt to the lender. Trust deeds are used in place of mortgages in several states.
A satisfaction of mortgage is a signed document confirming that the borrower has paid off the mortgage in full and that the mortgage is no longer a lien on the property.
Upon the return receipt of the Address Verification Letter, the property reconveyance process will begin. Once all the paperwork has been received by the Administrative Office, it may take up to thirty (30) calendar days to process. The deeds of trust are processed in the sequence received.
In real estate in the United States, a deed of trust or trust deed is a legal instrument which is used to create a security interest in real property wherein legal title in real property is transferred to a trustee, which holds it as security for a loan (debt) between a borrower and lender.