Oregon Substitution of Trustee and Deed of Reconveyance (For Deed of Trust / Trust Deed)

Substitution of Trustee and Deed of Reconveyance (For Deed of Trust / Trust Deed) for Real Estate Located in Oregon

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In this form the beneficiary/lender changes the trustee (independent third party) then the new trustee reconveys the Deed of Trust or Trust Deed.

((1) Within 30 days after performance of the obligation secured by the trust deed, the beneficiary shall deliver a written request to the trustee to reconvey the estate of real property described in the trust deed to the grantor. Within 30 days after the beneficiary delivers the written request to reconvey to the trustee, the trustee shall reconvey the estate of real property described in the trust deed to the grantor. In the event the obligation is performed and the beneficiary refuses to request reconveyance or the trustee refuses to reconvey the property, the beneficiary or trustee so refusing shall be liable as provided by ORS 86.140 (Liability of mortgagee for failure to discharge mortgage) in the case of refusal to execute a discharge or satisfaction of a mortgage on real property. The trustee may charge a reasonable fee for all services involved in the preparation, execution and recordation of any reconveyance executed pursuant to this section.)
(ORS 86.720 Reconveyance upon performance)

Who can be a Trustee? Under ORS 86.713 Qualifications of trustee

(A) An attorney who is an active member of the Oregon State Bar or a law practice that includes an attorney who is an active member of the Oregon State Bar;

(B) A financial institution or trust company, as defined in ORS 706.008 (Additional definitions for Bank Act), that is authorized to do business under the laws of Oregon or the United States;

(C) A title insurance company or a subsidiary, affiliate, insurance producer or branch of the title insurance company that is authorized to insure title to real property in this state;

(D) The United States or any agency of the United States; or

(E) An escrow agent that is licensed under ORS 696.505 (Definitions for ORS 696.505 to 696.590) to 696.590 (Penalty amounts).

(Oregon SOT&DOR Package includes form, guidelines, and completed example)

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Oregon Substitution of Trustee and Deed of Reconveyance (For Deed of Trust / Trust Deed)

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Substitution of Trustee and Deed of Reconveyance (For Deed of Trust / Trust Deed) for Real Estate Located in Oregon