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What is substitution of trustee and full reconveyance mean?

A document known as a substitution of trustee and full reconveyance identifies the person who has the authority to reconvey the property and remove the lien. Most importantly, a deed of full reconveyance, known as a satisfaction of mortgage in some states, transfers title back to the borrower.

What is a substitution clause in real estate?

The substitution of collateral clause allows you to sell the underlying real estate without paying off the private lender Note by substituting the collateral with a different piece of real estate of equal or greater value.

What is the purpose of a substitution of trustee?

A substitution of trustee simply names a new person to take over that position, as well as a secondary trustee if necessary. A substitution of trustee and full reconveyance serves two purposes: It enables a lender (such as a mortgage company) to appoint a new trustee. It allows the new trustee to release the lien.

What is substitution deed?

Substitution Deed means a document substantially in the form of schedule 4 or such other form acceptable to the Agent, the Security Trustee and the Borrower.

What is a substitute trustee in real estate?

Substitute Trustee. The person or persons appointed by the current mortgagee or mortgage servicer to exercise the power of sale in lieu of the original trustee designated in the deed of trust.

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What does substitute credit mean?

Substitute Credit means any guaranty agreement, letter of credit, surety bond, bond insurance policy, repurchase agreement or other security, or any combination of the foregoing, providing for a manner of payment during its term (which shall be at least one year) of Preference Amounts (if the Substitute Credit is not a

What is the purpose of a substitution of trustee?

A substitution of trustee simply names a new person to take over that position, as well as a secondary trustee if necessary. A substitution of trustee and full reconveyance serves two purposes: It enables a lender (such as a mortgage company) to appoint a new trustee. It allows the new trustee to release the lien.

What is a substitute loan?

Substitute Loan means a Loan that is (a) transferred to the Issuer under Section 2.04 with respect to which a related Substitution Event has occurred with respect to a Loan or Loans then held in the Loan Pool and identified in the related Addition Notice and (b) becomes part of the Loan Pool.

What is a substitute mortgage?

Based on 24 documents. 24. Substitute Mortgage means a mortgage indenture of the Company, other than the Mortgage, designated by the Company to the Trustee as a Substitute Mortgage pursuant to Section 4.03 hereof.

What is substitution deed?

Substitution Deed means a document substantially in the form of schedule 4 or such other form acceptable to the Agent, the Security Trustee and the Borrower.

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What does substitute credit mean?

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Get the up-to-date substitute deed 2024 now

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What is substitution of trustee and full reconveyance mean?

What is a substitution clause in real estate?

What is the purpose of a substitution of trustee?

What is substitution deed?

What is a substitute trustee in real estate?

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People also ask

What does substitute credit mean?

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What is a substitute loan?

What is a substitute mortgage?

What is substitution deed?

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