This is a form of a deed filed to claim exemption on an individual's homestead. Included in the form will be the dollar amount claimed as exempt.
Homestead Deed Virginia Form With Title
Category:
State:
Virginia
Control #:
VA-LS-006
Format:
Word;
Rich Text
Instant download
Description
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How to fill out Virginia Homestead Deed For Single - Home?
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FAQ
How do I add someone or remove someone from my deed? Property ownership is not like a car title. To make any kind of change to ownership of property, a new deed will need to be prepared and recorded in the Clerk's Office where the property is located.
General Information. A Homestead Deed prevents creditors from attaching/levying one's personal property and equity in real estate. Normally, such an instrument is filed when an individual is going into bankruptcy or is anticipating a judgment against him/her.
Virginia homestead laws allow residents to designate up to $5,000 worth of real estate (including mobile homes) as a homestead, plus $500 for each dependent. If a resident is sixty-five years of age or older, or a married couples files for an exemption together, up to $10,000 may be exempted under the homestead laws.
EFFECTIVE IMMEDIATELY: All deeds recorded in the City of Norfolk MUST comply with the new provisions of Virginia Code Section 17.1-223. All deeds must be prepared by the owner of the property or by an attorney licensed to practice in Virginia.
The Homestead Deed must be in proper legal form and should be prepared by a Virginia licensed attorney. Once the Homestead Deed is filed with the Circuit Court for the city or county where the debtor lives, and other needed steps are taken, the property generally is protected from creditors.