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Originally Posted by mincas What is the name of your state?
I live in Washington state. I refinanced my property but there was a lien on the property for another loan from the previous owner. Being real estate illiterate was my first mistake, and not getting help was the second. Anyway, when you have a form that states a person should release and reconvey what in plain old english does this mean? I can figure out word definitions, but am still having a problem with what exactly I am dealing with in terms of real estate law. Could someone please explain this to me with a short example? Maybe then it will come together for me. |
Release means that the lien no longer affects the property.
Reconvey means that any interest that the lienholder had in the land is given back to the landowner.
E.g., I borrow money from you and use my land as collateral. I sign a promissory note for $1000. I also sign a mortgage and you record it in the land deed records of the county where the land is located.
When I pay you all the money back, you give me a document which releases any hold you had on my land and that document also conveys any interest you might have had on my land back to me.
This is a very elementary and simple explanation. Hope it helps.
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