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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Pick up the easy money yourself... Posted by Ward-CA- on February 10, 2005 at 9:05 PM In Reply to: Subst. of Trustee and Recon posted by Lughead on February 10, 2005 at 9:37 AM Lunkhead, Yep, you’re confused. First of all, only the beneficiary of a trust deed can substitute out the existing trustee in their deed of trust. And only the trustee can sign the reconveyance of a trust deed when it is paid in full. Thus the title company needs you, as the beneficiary, to substitute them in as trustee of the paid off trust deed so they can then issue the reconveyance (and collect the $45.00 reconveyance fee). So I suggest that you substitute yourself in as the trustee of your deed of trust and then sign the reconveyance so that you collect that $45.00 reconveyance fee instead of the title company. I substitute myself in as trustee whenever any of my trust deeds gets paid off and collect the recon fees, so I can’t see why you don’t do the same. Hope this helps, Ward ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ : hello : i may need clarification ... : we had a note that was paid off - it was my understanding that the title co would take care of the sub trustee and recon so we did not include this as part of our demand - : now a year later the title co says i need to come in to sign and be notarized for the sub/recon - why is that? : cannot the title co substitute themselves as trustee and since they know we were paid off do the recon?? (we signed that we picked up the funds though not notarized) : am i just confused as to who has the authority to complete/sign these docs? : thank you : Lughead Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : Lunkhead, : Yep, you’re confused. : First of all, only the beneficiary of a trust deed can substitute out the existing trustee in their deed of trust. And only the trustee can sign the reconveyance of a trust deed when it is paid in full. : Thus the title company needs you, as the beneficiary, to substitute them in as trustee of the paid off trust deed so they can then issue the reconveyance (and collect the $45.00 reconveyance fee). : So I suggest that you substitute yourself in as the trustee of your deed of trust and then sign the reconveyance so that you collect that $45.00 reconveyance fee instead of the title company. : I substitute myself in as trustee whenever any of my trust deeds gets paid off and collect the recon fees, so I can’t see why you don’t do the same. : Hope this helps, : Ward : ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ : : hello : : i may need clarification ... : : we had a note that was paid off - it was my understanding that the title co would take care of the sub trustee and recon so we did not include this as part of our demand - : : now a year later the title co says i need to come in to sign and be notarized for the sub/recon - why is that? : : cannot the title co substitute themselves as trustee and since they know we were paid off do the recon?? (we signed that we picked up the funds though not notarized) : : am i just confused as to who has the authority to complete/sign these docs? : : thank you : : Lughead Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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