Escrow & Title
In Utah, the deed of reconveyance is used to:
ATransfer title from seller to buyer at closing
BRelease the lien created by a deed of trust once the loan is paid in full✓ Correct
CRe-record a deed that was filed with an error
DConvey mineral rights separately from surface rights
Explanation
When a deed of trust loan is paid in full, the trustee executes and records a deed of reconveyance, which releases the lender's lien and clears title for the borrower.
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Key Terms to Know
Deed of Trust
A security instrument used in many states instead of a mortgage, involving three parties: borrower (trustor), lender (beneficiary), and a neutral trustee.
DeedA written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
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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