Escrow & Title
What is a 'deed of reconveyance' in Oregon's deed of trust system?
AA deed used to transfer property from one trust to another
BThe document the trustee records to release the property from the deed of trust lien once the loan is fully paid✓ Correct
CA deed used during a trustee's sale
DThe deed a trustee uses to transfer property into a living trust
Explanation
In Oregon's deed of trust system, when the borrower pays off the loan in full, the beneficiary (lender) instructs the trustee to record a deed of reconveyance. This document reconveys title from the trustee back to the borrower/grantor, releasing the property from the lien.
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Key Terms to Know
Deed
A written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
Deed of TrustA security instrument used in many states instead of a mortgage, involving three parties: borrower (trustor), lender (beneficiary), and a neutral trustee.
LienA financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
Debt-to-Income Ratio (DTI)A lender's measure of a borrower's monthly debt obligations relative to their gross monthly income, used to evaluate loan eligibility.
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