Did you know that a reconveyance of a Trust Deed needs to be recorded? This should not come as a surprise to anyone. Now that more and more creative sales are taking place, such as seller financing, this is important to let the buyers know, that once they paid off the loan to the seller, they need to have the Trust Deed reconveyed by the seller. The seller has to sign the Reconveyance; they need to notarize it and then take it to the County for Recording.
If this is not done, then the buyer s could be in a precarious position, when they try to sell the property. Hopefully the previous party is still somewhere accessible, willing and alive to re-convey the Trust Deed.
This is not an everyday issue; nevertheless it can create added challenges to a closing. Listing Agents should check with their Title Representatives when they take a listing to make sure the property does not hold any surprises. Buyer's agents should check as well to make sure that prior to finishing the negotiations they discover these potential minefields of the Escrow. Do not wait until it becomes a Surprise.
If you are a consumer who is considering buying or selling a home, investment real estate, vacation homes, or beach properties in Southern California, Los Angeles, Century City, Westwood, West Hollywood, Beverly Hills, Culver City, Marina Del Rey, Venice or Malibu. Feel Free to give me a call at 310.486.1002 (USA) or email me at firstname.lastname@example.org or visit one of my websites at http://www.endrebarath.com Your Pet Friendly Realtor. I contribute a portion of my commission to Local Animal Rescue Organizations.