Canadian Maple Leaf Licensing Info: Alberta Mortgage #MW-0511205,
FSCO (Ontario) #10315,
Saskatchewan Mortgage #315872, and all other provinces.
 
Division of

The Mortgage Group®


GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

How often this word is used
 
^
50% - Moderately

Reconveyance


Synonyms:deed of reconveyance, full reconveyance, reconveyance
Filed Under: legal-contracts, mortgages
Tags: contract, legal, mortgage
 

Definition of reconveyance

reconveyance
1. The transfer of title to the borrower after a mortgage is completely paid.
2. An instrument that releases a deed of trust.

Related Terms and Acronyms:

  • amortization   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   A loan that is completely paid off, interest and principal, by a series of regular payments that are equal or nearly equal.
  • deed (D)   A document that provides title to property and is filed with a country recorder.
      ➥  Used to transfer ownership of assets, often land or automobiles.
  • mortgage (mtg)   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   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   Unpaid principal on a loan.
  • second mortgage   A mortgage which ranks after a first mortgage in priority on a registered land title.
  • title   Evidence of a person's right to possession ownership of a property.
  • transfer of title (TOT)   A document signed by the seller and purchaser transferring ownership, at which time the document is registered against the property.
  • trust   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.

More Related Terms and Acronyms

Search the Glossary

Best Mortgage Rates
With a lower mortgage rate, it's easier to afford a better home and what you save on interest can go directly toward paying off the principal value of your property faster. Make sure you get the best rates in Canada on your mortgage, apply today.
Mortgage Rates
 
Canada's Top Mortgage Calculator
Try Canada's #1 calculator and see what kind of difference a low mortgage rate can make. A few percentage points can mean thousands in savings, it might just blow your mind.
#1 Mortgage Calculator
 
Great Mortgage Rates
You looking to find a low mortgage rate? Most of the time, getting the best rate for your mortgage is about who you go to more than your credit history. Shop the market using a mortgage broker and you won't be left paying high interest rates.
Best Mortgage Rates