This form is a deed of trust modification. It is to be entered into by a borrower, co-grantor, and the lender. The agreement modifies the mortgage or deed of trust to secure a debt described within the agreement. Other provisions include: renewal and extension of the lien, co-grantor liability, and note payment terms.
Deed Of Trust Records Without Promissory Note In Virginia
State:
Multi-State
Control #:
US-00183
Format:
Word;
Rich Text
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FAQ
A trust deed remains on your credit file for six years, a timescale that exceeds the term of most trust deeds which are generally completed in three or four years.
A deed is necessary to show ownership of the property. The deed must be signed, notarized, and recorded with the clerk's office in the county where the property is located to be legally valid. The deed recording will show up in any future title searches, allowing for traceable ownership.
When is a Deed of Trust Invalid? There are two main reasons a deed of trust may be considered invalid: (1) lack of required formalities in executing the deed of trust, or (2) there is some fact outside execution that makes the deed of trust invalid.
Recorded deeds become part of the public record, and provide a clear chain of ownership for a piece of property. This makes it possible for potential buyers, lenders, or other interested parties to search records to verify ownership, see existing liens, etc.
Standard Requirements for Recording All documents must have original signatures. NO PHOTOCOPIES ACCEPTED. If the document is handwritten, it must be legible. Print quality must be legible for the scanner to read and produce an acceptable image.
Deeds usually do not take effect as to creditors and subsequent purchasers without notice until the instrument is recorded. Thus, unrecorded deeds may be void as to all subsequent creditors and subsequent purchasers without notice until they are filed for record.
To be legally valid in Virginia, a deed of gift must: Clearly identify the grantor and grantee with full names and addresses. Contain a clear statement of intent to transfer ownership as a gift without monetary compensation. Provide a legal description of the property to ensure accurate identification.
If you purchased your house during the marriage, the court categorizes it as marital property. However, if you purchased the home using entirely separate property funds, and your spouse's name does not appear on the title, the court may award it to you as your separate property.
The biggest difference between a title and a deed is the physical component. A deed is an official written document declaring a person's legal ownership of a property, while a title is a legal concept that refers to ownership rights.
 All deeds must be prepared by the owner of the property or by an attorney licensed to practice in Virginia.  The requirements are listed below in the code section. Click here to read about e-Recording. § 17.1-223.