Any Realitors out there?

[RECHRGD]

A few years back I paid off the mortgage on our home and property in Washington State.  I was going through old paperwork today and came across the house file.  My question is; aren't you supposed to have a 'TITLE' for the property that you own free and clear?  All I have is document from the bank titled 'FULL RECONVEYANCE' that basically says the loan was paid and we are "entitled thereto all of the right, title and interest now held by said trustee (bank) in and to the real property described in said Deed of Trust."  I have nothing that says 'Deed of Trust' on it.  I do have a (mostly unreadable) copy of a 'Statutory Warranty Deed' that appears to Convey the property from the former owners to us.  Judging by the date, that document was written up at the time we refinanced through the bank, in turn paying off the original owner contract.  I probably am all wet here, but shouldn't I have something more?  When you buy property, you always do a 'Title Search', so where's the 'Title'?   Bob

[mikepmcs]

That title information would be in your original paperwork.  As far as I know"the deed"  is what you have and that is all.   Give me the Vin of the house and i'll do a search.   Sad attempt at humor.

v/r
Mike

[RECHRGD]

Well, your probably right, but, it just seems like the "Statutory Warranty Deed" is kind of like signing off the title of your car when you sell it.  It gives possession of the car to the new owner, but then the new owner must get the title put in his name within a given amount of time.    Bob

[mikepmcs]

Hopefully we will both learn something on this one then.  I don't ever see myself paying off my house, cause if I even smell a little equity, there will be another charger in my possession.

v/r
Mike

[last426]

As I understand it, you were and are the owner of record.  The bank had a lien on the property for their secured amount.  The reconveyance eliminates their lien so it's all yours.  Normally when you buy a house you record a Deed of Trust and a Deed of Trust Note.  Contact your county recorder's office for the past few documents that have been recorded on your property and it is easy to understand.  The recorder can usually be done online nowadays.  If still confused go to your title company and they often will run a chain of title for free if you did business with them in the past.  A realtor is not the best person to ask legal questions.  Kim 

www.marlia.com constantly changing bit by byte

[is_it_EVER_done?]

The full reconveyance is your proof of a paid in full mortgage (title was "re-conveyed" back to you). It should have been recorded (check with your county recorder, or get a property profile from a title company if your area uses title insurance). If it hasn't been recorded yet, go ahead and get it done, though you aren't really at any risk if it hasn't been.

The "deed of trust" is an instrument that you executed to basically transfers provisional title to a lender till the loan was paid off, so you will not have one back to you (instead you get the reconveyance), as you already hold a warranty deed.

This is a much simplified explanation, but it sounds as though all your paperwork is in order. -- I've been a Real Estate, and Mortgage broker for over 35 years.

[RECHRGD]

Thanks guys.  It sounds like all is in order.  I'll check to be sure it was recorded though.  Bob

[NHCharger]

A realtor is not the best person to ask legal questions.  Kim 

Ain't that the truth.

As Kim stated the easiest thing to do is call the county court house where the deeds are recorded and have someone explain the process to you and what documents you should have.