The Virginia Release of Lien for Deed of Trust is an important legal document that serves to release a lien on a property once a debt secured by a Deed of Trust has been fully paid off. This document is crucial for both the property owner and the lender as it officially removes the claim that the lender had over the property. A Virginia Release of Lien for Deed of Trust typically contains various key elements. Firstly, it includes the names and contact information of both parties involved, namely the property owner and the lender. The legal description of the property, which includes its address, parcel number, and any relevant land or zoning information, is also included. Additionally, the document states the original amount of the loan secured by the Deed of Trust and the date of the loan. Keywords related to a Virginia Release of Lien for Deed of Trust include "Virginia", "Release of Lien", "Deed of Trust", "property owner", "lender", "lien release", and "loan payment". These keywords help provide a comprehensive understanding of the document's purpose, process, and parties involved. It's worth mentioning that there are different types of Virginia Release of Lien for Deed of Trust depending on the specific circumstances. For instance, a Partial Release of Lien is issued when a portion of the loan has been paid off, while a Full Release of Lien is used when the entire loan secured by the Deed of Trust has been satisfied. Both these types are commonly encountered in real estate transactions in Virginia. In conclusion, the Virginia Release of Lien for Deed of Trust is a critical document used to release the claim that a lender has on a property once the debt secured by a Deed of Trust has been fully repaid. This legal instrument protects both the property owner and the lender by officially releasing the lien and ensuring a clear title for the property. Understanding the specifics of this document is essential when navigating real estate transactions in Virginia.
Virginia Release of Lien for Deed of Trust
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How to fill out Virginia Release Of Lien For Deed Of Trust?
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Whenever a release of a deed of trust or other obligation is recorded in the office of the clerk of any circuit court, such clerk shall record a certificate of satisfaction or certificate of partial satisfaction, stating that such deed or other obligation is released.
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.
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 ...
No deed of trust or mortgage heretofore or hereafter given to secure the payment of money, and no lien heretofore or hereafter reserved to secure the payment of unpaid purchase money, shall be enforced after 10 years from the time when the original obligation last maturing thereby secured shall have become due and ...
Most misdemeanors in Virginia have a one-year time limit, including minor assault and battery and certain theft charges. However, Virginia is unique in that it does not have a statute of limitations for most felonies.
A settlement agent may release property from a judgment lien in ance with the provisions of this section if (i) the settlement agent has made a written request for a payoff amount from the lien creditor and his counsel of record, if any, as reflected in the judgment, judgment abstract, or any certificate of ...
Judgment Liens: State Va. Code §8.01-458 and 8.01-251 Expire 20 years from date entered, and may be renewed for an additional 20 years *** If real estate has been conveyed to a BFP, the lien is unenforceable 10 years after date of transfer. Known as ?10 year out of title? rule.
Judgment Liens: State Va. Code §8.01-458 and 8.01-251 Expire 20 years from date entered, and may be renewed for an additional 20 years *** If real estate has been conveyed to a BFP, the lien is unenforceable 10 years after date of transfer. Known as ?10 year out of title? rule.
