Property Ownership, Transfer of Title and Land Use 11.7

Question 1

Deed of Reconveyance is used to?

Answer 1

To return (re-convey)title to the property held in trust, back to the trustor, at which time the Deed of Trust is dissolved and the trustor becomes the property owner.

Question 2

A truster holds a?

Answer 2

equitable title

Question 3

A trustee holds a?

Answer 3

legal title

Question 4

Should the trustor default on his obligation to the beneficiary, the beneficiary will…

Answer 4

Direct the trustee to initiate foreclosure proceedings.

Question 5

When the property is sold at the Trustee Sale (a non-judicial foreclosure auction)

Answer 5

The winning bidder will receive a Trustee’s Deed

Question 6

Deed of Trust

Answer 6

is used to convey the property out of the trust to anyone other than the trustor and it is executed by the authority granted to the trustee.