Can someone explain what is a reconveyance fee? Is it separate from the title insurance, and escrow fee that I am already paying?

Asked by Brandy, Las Vegas, NV Wed Jan 23, 2013

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Ida Doman, Agent, Las Vegas, NV
Wed Jan 23, 2013
YES, it is a fee sellers to pay at closing, about $125 A FEE CHARGED BY A MORTGAGE HOLDER TO RECONVEY THE PROPERTY TO THE OWNER WHEN A LOAN IS PAID OFF.
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Diggity, Agent, Las Vegas, NV
Wed Jan 23, 2013
Here is the definition of a reconveyance fee and yes it is a separate fee from the other fees you pay at title. reconveyance n. 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 and records the reconveyance. Hope that helps .
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Yes, It does. Thanks
Flag Wed Jan 23, 2013
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