The Chandler Arizona Deed of Release and Re conveyance is a legal document that serves as a proof of the complete repayment of a mortgage or deed of trust on a property located in Chandler, Arizona. It signifies the release and transfer of the property's title from the lender to the borrower or property owner. This type of deed is essential in real estate transactions as it releases the lender's claim on the property and removes any liens, encumbrances, or mortgage obligations associated with the loan. It acts as evidence that the borrower has fulfilled their financial obligations and has settled their mortgage debt completely. There are various types of Chandler Arizona Deed of Release and Re conveyance, each addressing different scenarios or circumstances that may arise during the loan repayment process: 1. Full Release: This deed is used when the borrower has made the complete repayment of their mortgage or deed of trust. It signifies that all obligations have been fulfilled, and the lender releases all claims on the property. 2. Partial Release: If the borrower has paid off a portion of their mortgage, this deed is utilized to release the corresponding portion of the property. It allows the borrower to regain ownership of a specific portion or parcel while still being obligated to the remaining outstanding debt. 3. Re conveyance Deed: In some cases, a lender may hold the property's title as collateral until the borrower satisfies the mortgage. Upon full repayment, the lender executes a reconveyance deed to release their interest in the property and convey full ownership to the borrower. 4. Subordination Deed: A subordination deed is used when the borrower wishes to refinance their mortgage while maintaining the priority of the original mortgage. By signing this deed, the lender agrees to subordinate their lien to the refinanced loan, allowing the borrower to proceed with the new loan while keeping the original mortgage intact. The Chandler Arizona Deed of Release and Re conveyance is a vital legal instrument that protects the rights and interests of both borrowers and lenders during real estate transactions in Chandler, Arizona. It serves as a legal proof of the completion of mortgage or deed of trust repayment, facilitating the transfer of clear title and ensuring the successful transfer of ownership between parties involved.