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reconveyance definition
in those states which use deeds of trust as a mortgage on real property to secure
payment of a loan or other debt, the transfer of title by the trustee (which has
been holding title to the real property) back to the borrower (on the written request
of the borrower) when the secured debt is fully paid. Under the deed of trust the
borrower transfers title in the real property to the trustee (often a title or escrow
company) which holds it for the benefit of the lender (called "beneficiary"). The
lender must surrender the promissory note to the trustee who cancels it and then
reconveys title to the borrower and records the reconveyance.
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