Deed - 1996 Alvarado St at Harlan St - File 1001, 1977

Home

I, COUNTY OF ALAMEDA OFFICE OF THE RECORDER o�``�pF RfgOAo� COURTHOUSE, ROOM 100 1225 FALLON STREET OAKLAND, CALIFORNIA 94612 (415) 874-7044 RENE C. DAVIDSON JOHN BRUCE F0� CppN�+' COUNTY RECORDER ASST. COUNTY RECORDER TO: All interested parties _FROM: Alameda County_ Recorder Subject: Deed of Reconveyance TO CLEAR THE PROPERTY RECORD OF A LOAN WHEN FINAL PAYMENT IS MADE ON A NOTE SECURED BY A DEED OF TRUST: 1. The BORROWER (original Trustor or present owner) must obtain from the LENDER (Beneficiary in a trust deed): a. The original note marked "paid." b. A Request for Reconveyance addressed to the Trustee (usually printed on the back of the original deed of trust.) ` c. The original Trust Deed (or a certified copy of this document from the County Recorder.) 2. The BORROWER (property owner) must then take all documents relating to the transaction to the Trustee named in the trust deed. 3. The TRUSTEE, for a fee, will issue a Deed of Reconveyance. 4. The Reconveyance should be brought or mailed to the County Recorder. A recording fee of $3.00 is charged for the normal one -page form. EXPLANATION: A trust deed is a three -party instrument drawn, executed, and recorded to secure repayment of a loan. The Borrower (property owner or time purchaser) is named as "Trustor," the Lender (individual, bank, or finance company) is known as the "Beneficiary," and a third party is named "Trustee." The trustor grants the property "in trust with power of sale" to the Trustee to secure payment to the Beneficiary. In theory, title to the property is conveyed to the Trustee. No formal acceptance by the Trustee is necessary. Banks, title companies, and other financing firms print trust deed forms naming themselves as Trustees. These forms are given to lenders. When a form is used, the company named in the form becomes Trustee without knowing it. The Trustee does not become involved in the transaction until he is notified by the Beneficiary (lender) that payment on the note is delinquent or that it has been paid. Although possession of property may have changed during the term of the note and trust deed, the Reconveyance must show the original Trustor. The Trustee reconveys the property to the "party entitled thereto" who is the present owner of the property. CAUTION: The original note should be carefully guarded. The Trustee will require bond before issuing the Reconveyance if the note is not delivered to him.