RECONVEYANCE Meaning and
Definition
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Reconveyance is a term used in real estate and property law that refers to the act of transferring ownership of property, especially land or buildings, back to the original owner or to a third party. It is typically used when a property has been mortgaged, and the borrower has made full payment of the outstanding debt, including interest. Once the debt has been repaid, the lender or mortgagee executes a reconveyance deed, also known as a release or satisfaction of mortgage, which transfers the legal title and ownership rights of the property back to the borrower or another designated party.
Reconveyance serves as a legal mechanism to demonstrate that the mortgage loan has been fully satisfied and the property is no longer encumbered by the mortgage. The reconveyance deed is typically recorded in the relevant county or jurisdiction's land records office to ensure public notice of the change in ownership. This allows the property owner to have clear and marketable title, free from any liens or encumbrances associated with the completed mortgage.
In summary, reconveyance is the legal process of transferring property ownership back to the borrower or another designated party upon full payment of the mortgage debt. It is a crucial step in ensuring the property owner's rights and interests are protected.
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The act of transferring back to a former proprietor.
Etymological and pronouncing dictionary of the English language. By Stormonth, James, Phelp, P. H. Published 1874.
Common Misspellings for RECONVEYANCE
- eeconveyance
- deconveyance
- feconveyance
- teconveyance
- 5econveyance
- 4econveyance
- rwconveyance
- rsconveyance
- rdconveyance
- rrconveyance
- r4conveyance
- r3conveyance
- rexonveyance
- revonveyance
- refonveyance
- redonveyance
- recinveyance
- recknveyance
- reclnveyance
- recpnveyance
Etymology of RECONVEYANCE
The word "reconveyance" has its roots in the Latin language. It is derived from the Latin word "reconveyere", which is a combination of two elements: "re-" meaning "back" or "again", and "conveyere" meaning "to carry".
In English, the word "reconvey" was first recorded in the mid-16th century, and it referred to the act of transferring property back to its original owner or to the grantor who had conveyed it previously. Over time, the term "reconveyance" came into use, specifically referring to the legal document that formalizes the transfer of property back to its original owner.
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