- The transfer of title to the borrower after a mortgage is completely paid.
- An instrument that releases a deed of trust.
deed of reconveyance, full reconveyance, reconveyance
Related Terms and Acronyms
- Amortization — Definition,
- Amortization refers to the process of gradually paying down the principal of a loan. Each payment toward the principal reduces your loan by that amount. This is different than an interest-only loan payment where the principal balance is never reduced. Amortization for a mortgage loan in Canada is normally 25 years, but can be as few as 5 years.
- Amortized Loan — Definition,
- A loan that is completely paid off, interest and principal, by a series of regular payments that are equal or nearly equal.
- Deed (D) — Acronym, Very Important,
➥ Used to transfer ownership of assets, often land or automobiles.
- A document that provides title to property and is filed with a country recorder.
- Mortgage (mtg) — Abbreviation, Important,
- A mortgage is a contract stipulating a specific real property, typically a residence or building, as collateral for a loan. The mortgage incurs a rate of interest that varies according to term and other features.
- Principal — Definition,
- The original balance of money lent on an outstanding loan and fees, excluding interest. Also the remaining balance of a loan, excluding interest.
- Remaining Balance — Definition,
- Unpaid principal on a loan.
- Second Mortgage — Definition, Important,
- A mortgage which ranks after a first mortgage in priority on a registered land title.
- Title — Definition,
- Evidence of a person's right to possession ownership of a property.
- Transfer of Title (TOT) — Acronym,
- A document signed by the seller and purchaser transferring ownership, at which time the document is registered against the property.
- Trust — Definition,
- A fund established like a will, specifying how money or property will be disbursed, lists the recipients or beneficiaries and names one or more trustees to manage the assets. An irrevocable trust can't be changed after the terms are finalized; a revocable trust has more legroom in how much can be transferred, but is usually costlier to maintain.
- Zero Balance — Definition,
- What shows on a credit card customer's bill when the outstanding balance has been paid and no new charges have been incurred during the billing cycle.