Definition from Nolo’s Plain-English Law Dictionary
The transfer of title to real estate from a lender to the buyer when a loan secured by the property is paid off. A trustee (commonly a title or escrow company) usually holds title for the lender and handles the reconveyance when the loan is fully paid back. (See also: trust deed
Definition provided by Nolo’s Plain-English Law Dictionary.
August 19, 2010, 5:23 pm