Deeds Of Trust To Secure In Virginia
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FAQ
Real estate may be held within a trust, whether it is a primary residence, a farm or an investment property. Tangible personal property may also be held by a trust, and the term tangible means that it is property that can be touched, such as a vehicle, boat or a jewelry collection.
When property is “held in trust,” there is a divided ownership of the property, “generally with the trustee holding legal title and the beneficiary holding equitable title.” The trust itself owns nothing because it is not an entity capable of owning property.
Before placing your home in trust, it's also wise to consider these drawbacks: Expense. Creating and maintaining a trust is typically more expensive than creating a will. Loss of control. Other assets may still be subject to probate.
To title your real property into your Trust, a new deed reflecting the name of the Trust must be prepared and recorded with the county where the property is located.
The person who creates a trust (trustmaker) may title a vehicle that is currently titled in his name into the name of the trust. Once titled in the name of the trust, the trustmaker no longer owns the vehicle.
A security trust deed (STD) is a legal document that is used to create a security interest in assets. In the context of securitisation, the assets that are typically securitised are pools of loans.
The State of Virginia has three transfer taxes and two recordation taxes (think of the recordation tax as a mortgage tax stamp). The buyer typically pays the state and county deed transfer tax. The seller pays a transfer tax to the state, also known as the VA Grantor tax.
The Code of Virginia contains several statutes of limitations dealing with the enforcement of a deed of trust. If a deed of trust contains a maturity date, it may be enforced for a period of ten years after the stated maturity date.
State Tax Rate Virginia levies a recordation tax on bonds or other obligations secured by the deeds of trust or mortgages at a rate of $0.25 per $100 (or portion of $100).
To transfer real property into your Trust, a new deed reflecting the name of the Trust must be executed, notarized and recorded with the County Recorder in the County where the property is located. Care must be taken that the exact legal description in the existing deed appears on the new deed.