Virgin Islands Cancelation of Erroneous Deed
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FAQ
A duly signed sale deed may be cancelled by a civil court at the insistence of the seller, as prescribed under Section 31 of the Specific Relief Act, the HC has ruled. Section 31 of the Specific Relief Act, 1963 talks about the circumstances in which a cancellation may be ordered.
How is a deed canceled? California has a special remedy called ?cancellation of an instrument? that allows a litigant to cancel a written instrument that is void or voidable. Notably, this remedy is not just for deeds but also may be employed for rescinding mortgages, leases, and promissory notes.
Cancellation of sale deed refers to the revocation of the purchase and sale of property. A sale deed may be cancelled if any party involved is unsatisfied with the deal and makes a claim regarding the same in the court of law.
When the consideration (purchase price) on a deed is for $100.00 or more the seller must pay an excise tax. The excise stamp was affixed to the deed and then cancelled to avoid the reusing of the stamp.
