US Legal Forms
Virginia Land Trust - Quitclaim Deed

Virginia Land Trust - Quitclaim Deed

Category:

Trusts - Real Estate

State:

Virginia

Control #:

VA-01900BG

Format:

Instant download

Description

A land trust is a device by which land is conveyed to a trustee for the benefit of another. The Trust is formed when the document is created and executed. The Trust is then funded when the property is put into the Trust and the deed into Trust recorded in the public record. Only when the trust is funded is it a valid trust.

Virginia is one of a very few states that have a specific land trust statute laws. In other states, the land trust is a matter of "contract law". Unlike many trusts the beneficiary does not hold equitable title but controls the trustee with written direction to act. A land trust is normally a revocable trust which means that the beneficiary can direct the trustee to remove the property from trust.

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FAQ

Yes, a quit claim deed supercedes the trust. The only thing that can be done is to file a suit in court challenging the deed as the product of fraud and undue influence. A court action like that will cost thousands of dollars, but might be worth it if the house was owned free and clear.

A quitclaim deed can be used to transfer property from a trust, but a Special Warranty Deed seems to be a more common way to do this.

California Property TaxesTransferring real property to yourself as trustee of your own revocable living trust -- or back to yourself -- does not trigger a reassessment for property tax purposes. (Cal. Rev. & Tax Code § 62(d).)

Quitclaim deeds are most often used to transfer property between family members. Examples include when an owner gets married and wants to add a spouse's name to the title or deed, or when the owners get divorced and one spouse's name is removed from the title or deed.

Purpose. This circular provides guidance on the Department of Veterans Affairs (VA) handling of requests for execution of quitclaim deeds.When a holder elects to convey a property to VA following loan termination, the holder typically records a deed to the property in VA's name.

But you might be wondering if an owner can transfer a deed to another person without a real estate lawyer. The answer is yes. Parties to a transaction are always free to prepare their own deeds.A quitclaim deed, for example, is far simpler than a warranty deed.

When you're ready to transfer trust real estate to the beneficiary who is named in the trust document to receive it, you'll need to prepare, sign, and record a deed. That's the document that transfers title to the property from you, the trustee, to the new owner.

CAPITAL LETTERS The Grantor and Grantee must be stated in the first clause/sentence of the document with their names being in capital letters. Laws § 55-96. Recording After signing bring to the Clerk of the Circuit Court along with the required filing fee(s).

In the context of a California mortgage transaction, a trust deed also transfer ownership. Only this time, the title is being placed in the hands of a third-party trustee, who holds the property on behalf of the lender and the homeowner-borrower until the mortgage is paid.

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