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Deed question


Dirtyhip
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I paid off a home.  The bank sent me a deed of reconveyance.  What usually happens after I get the reconveyance?  

 

Should I do a title search with a local title company to make sure there are no outstanding deeds of trust that have not been properly conveyed?  

 

Forgive my ignorance.  I have never paid off a house before.  I want to make sure that I am free and clear.  

 

In the event that I sell or transfer the porperty I want to make sure all is well and recorded properly.

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Make sure the fact that you've paid off the mortgage gets recorded with whatever governmental agency keeps the official property records.  In NY, it's the county government.  If it ain't recorded there, it don't exist.

 

I would also suggest you ask the bank or loan company for some sort of record that says 'Paid in Full' or some such.  I once had an issue where the mortgage company that never recorded a mortgage satisfaction, then when I asked for the records they denied they ever even issued the loan much less that I'd paid it off.

 

The only thing that salvaged the situation was the pile of hard copies I had kept from the original mortgage with their company name, address, and logo on them.  Ooops! Suddenly they were able to find their paperwork and issue me a formal letter saying the mortgage with them had been paid in full.

 

If a 'deed of reconveyance' does all that, you may not need anything more.  I'd suggest a little research to find out what legal significance such a document has.  It might carry no more significance than a simple quit-claim deed.

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The only thing I can offer is a huge CONGRATULATIONS!  What an awesome spot to be in.  

 

I'm actually debt free now.   It feels good.

 

Couch

 

Thanks.  This is only the rental.  I have to work on the mortgage for the house we live in now.  

 

The interest on the rental was higher, so I focused on that one first. The balance was low enough to tackle.

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Thanks.  This is only the rental.  I have to work on the mortgage for the house we live in now.  

 

The interest on the rental was higher, so I focused on that one first. The balance was low enough to tackle.

 

Cool.  

 

Once you pay off your current house, are you going to buy another rental?

 

Couch

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