Q: I live in Southern California and paid off my home. I received “Substitution of Trustee and full reconveyance” that was recorded in my county in June 2007.
Is there some other document that I should receive indicating TitleTitle refers to the ownershipOwnership is the absolute right to use, enjoy, and dispose of property. You own it! of a particular piece of property., Deed or ownership of my property? I received an ad from a private company indicating they would assist for a fee to obtain an official document. Would this be a something like the title of a car?
By the way, I very much enjoy your column in my local paperPaper is slang usage that refers to the mortgageA Mortgage is a document granting a lien on a home in exchange for financing granted by a lender. The mortgage is the means by which the lender secures the loan and has the ability to foreclose on the home., trust deed, installment, and land contract..
A: When you purchased your home, your seller delivered to you a legal document that may have stated that it was a “warranty deed,” “special warranty deed,” “trustee’s deed,” or even a “quit claim deedA Quit Claim Deed is a deed that operates to release any interestInterest is money charged for the use of borrowed funds. Usually expressed as an interest rate, it is the percentage of the total loan charged annually for the use of the funds. in a property that a person may have, without a representation that he or she actually has a right in that property. For example, Sally may use a quit claim deed to grant Bill her interest in the White House, in Washington, DC, although she may not actually own, or have any rights to, that particular house..”
Any one of these documents is the one and only document that shows the conveyance of title from your seller to you. That document could be considered the “title” to your home and would be recorded in the appropriate county office in which your home is located. Once recorded, it would become part of the public record. After being recorded, the county office will mail the original document back to you, the homeowner.
That public record gives title companies and others the ability to look at a particular property and determine who has owned the property over the years and who owns the property today.
Unlike when you own a car, the state does not issue a document that would show you as the owner of the property.
Once you receive a deed to the home and it is recorded, you are the official owner of that home. However, if you obtained financing when you bought the home or if you took out a loanA Loan is an amount of money that is lent to a borrower, who agrees to repay it plus interest. that was secured by the home, that lenderA Lender is a person, company, corporation, or entity that lends money for the purchase of real estate. holds a lienA Lien is an encumbrance against the property, which may be voluntary or involuntary. There are many different kinds of liens, including a tax lien (for unpaid federal, state, or real estate taxes), a judgment lien (for monetary judgments by a court of law), a mortgage lien (when you take out a mortgage), and a mechanic's lien (for work done by a contractor on the property that has not been paid for). For a lien to be attached to the property's title, it must usually be filed or recorded with a local county government office. on the title to the home. If you attempted to sell the home, a subsequent buyer would take that title subject to the loan. The sale of the home would not get rid of the lender’s rights against the property.
In some states, lenders take a mortgage on the property. In others, lenders take a deed of trust. The deed of trust effectively is a lien on the property for the loan amount but also puts a hold on what an owner of that property can do to the title of the home.
For most buyers, a mortgage and a deed of trust will work the same way. An owner will buy the home, take out financing, give the lender a mortgage or deed of trust, and pay off the loan over time. When the loan is paid in full, the mortgage is released, or the deed of trust is canceled, and the title is reconveyed to the owner.
If you have received a reconveyance document from your lender, and it has been properly recorded, you need do nothing more. If you have a copy of the deed to your home from when you purchased your home, you’re all set.
For most people, having their original deed from when they purchased their property plus the release of mortgage or reconveyance document for the deed of trust will work in most situations.
If you ever need a copy of the deed to your home, you can always obtain a copy from the office that accepts documents for recordingRecording is the process of filing documents at a specific government office. Upon such recording, the document becomes part of the public record. in the local county in which your property is located. You will generally be charged a fee for the copying the document.
In some cases, you can obtain a copy of the document from your county’s web site and pay a nominal fee. In some counties, the county office may charge one fee if you want a copy of the document and a much higher fee if you want that document certified by the county as an accurate copy of the original.
There are some companies that will assist homeowners in obtaining copies of documents for their records. These companies charge a fee for their services. Before you hire them, you should know what it would cost you to get a copy of these documents on your own and then what the service would charge you to determine whether you are better off getting the document yourself or having the service help you out.
Start with the Internet and use a search engine to see if your local office has a web site that allows you to view and print these documents. The best option would be to print them in the comfort of your own home.
Dec. 4, 2007.