The Virginia Release of Mortgage/Deed of Trust — Short For— - Release on Real Estate is a legal document used to release a mortgage or deed of trust on a property located in the state of Virginia. It signifies that the mortgage or deed of trust has been fully paid and satisfied, and ownership of the property is no longer encumbered. The short form release is a simplified version of the release document that includes only the essential information necessary for the release. It is typically used when there are no additional terms or conditions associated with the release. Some key details covered in this form include the borrower's name, the lender's name, the amount of the original loan, the date of the loan, the recording information of the original mortgage or deed of trust, and the legal description of the property. This release form is crucial for property owners as it removes any liens or encumbrances from the property title, allowing for clear title transfer and potential future transactions. It serves as proof that the borrower has fulfilled their obligations and the lender no longer has any legal claim to the property. Different types of Virginia Release of Mortgage / Deed of Trust — Short For— - Release on Real Estate may exist based on the specific circumstances of the original mortgage or deed of trust. Some variations include: 1. Partial Release: This type of release is used when only a portion of the property covered by the original mortgage or deed of trust is being released. For example, if there is an additional parcel of land that was not part of the original loan and has been paid off separately, a partial release may be required. 2. Subordinate Release: In cases where a property has multiple loans or deeds of trust against it, a subordinate release may be necessary. This type of release establishes the priority of the loans or deeds of trust, allowing the secondary lenders to be released if the primary loan is paid off. 3. Release by Sale: When a property is sold and the proceeds from the sale are used to pay off the existing mortgage or deed of trust, a release by sale document is utilized. It ensures that the lender releases their claim on the property upon receipt of the proceeds. 4. Release by Refinance: In situations where a borrower refinances their mortgage or deed of trust with a new lender, a release by refinance is executed to discharge the original loan. It signifies that the new lender has taken over the lien position on the property. Each type of release serves a specific purpose and is tailored to the particular circumstances of the mortgage or deed of trust being released. Consulting with a real estate attorney or title company is advisable to ensure the correct release form is utilized and executed properly.
Virginia Release of Mortgage / Deed of Trust - Short Form - Release on Real Estate
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How to fill out Virginia Release Of Mortgage / Deed Of Trust - Short Form - Release On Real Estate?
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Code § 55.1?507, et. seq. Effective as of July 1, 2023, the new chapter prevents foreign adversaries from acquiring any interest in agricultural land in the Commonwealth.
§ 55.1-100. Aliens may acquire, hold, and transmit real estate; when reciprocity required. Any alien, not an enemy, may acquire by purchase or descent and hold real estate in the Commonwealth, and such real estate shall be transmitted in the same manner as real estate held by citizens.
After or accompanying payment in full of the obligation secured by a deed of trust or judgment lien, a settlement agent or title insurance company intending to release a deed of trust or judgment lien pursuant to this subsection shall deliver to the lien creditor by certified mail or commercial overnight delivery ...
Besides staying on the property for at least 15 years, every squatter in Virginia must meet five different occupation requirements to start their adverse possession case: Hostile Claim. ... Actual Possession. ... Open and Notorious Possession. ... Exclusive Possession. ... Continuous Possession.
The main difference between a deed and a deed of trust is that a deed is a transfer of ownership, while a deed of trust is a security interest. A deed of trust is used to secure a loan, while a deed is used to transfer ownership of a property.
§ 55.1-508. Foreign adversary acquisition of agricultural land prohibited. (2023 updated section)
§ 55.1-2307. "Agent" means the authorized agent designated by the purchaser or seller in a ratified real estate contract, listing agreement, or other writing designating such agent.
A deed of trust is a legal agreement that's similar to a mortgage, which is used in real estate transactions. Whereas a mortgage only involves the lender and a borrower, a deed of trust adds a neutral third party that holds rights to the real estate until the loan is paid or the borrower defaults.
Through a deed of release of mortgage, also called a release of deed of trust, the lender agrees to remove the deed of trust, which is the document containing all of the mortgage's terms and conditions that is filed at the beginning of the mortgage process.
Satisfaction of Real Estate Taxes. By statute the trustee is obligated to satisfy all real estate taxes to the date of sale and to submit to the Commissioner of Accounts evidence that those taxes have been paid. Section 55.1-324, Code of Virginia.
