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West Virginia
Partial Release or Satisfaction of Mortgage by a Corporation

West Virginia Partial Release or Satisfaction of Mortgage by a Corporation

Q: What is the 10 year out of title rule in Virginia?

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.

Category:

Real Estate - Mortgages and Deeds of Trust

State:

Multi-State

Control #:

US-01499BG

Format:

Instant download

Description

Most states have statutes that provide that a mortgage or deed of trust may be partially discharged or released in the county land records by the recorder of deeds. Generally these statutes proved that a certificate must be filed with said recorder and executed by the mortgagee or on its behalf and acknowledged as prescribed by law.

This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.

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How to fill out Partial Release Or Satisfaction Of Mortgage By A Corporation?

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FAQ

Declaration of Consideration of Value (This is the monetary amount for which the property is sold. If the property is being transferred without monetary value, it must state in the declaration paragraph 'why' it is exempt from transfer tax.)

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.

Limitations on enforcement of judgments. (a) On a judgment, execution may be issued within ten years after the date thereof.

A deed of trust may convey both real property or some interest therein and personal property or only real property or some interest therein or only personal property in order to secure a debt.

A judgment lien is created automatically on debtor property that's located in the West Virginia county where the judgment is entered. For property in other West Virginia counties, the creditor records an abstract of judgment with the clerk of the court in the county where the property is located.

Yes, a lien may be placed on property that is jointly owned. However, the effects of that lien depend on the type of ownership that the property is under. Before discussing the terms of joint ownership, it's important that you understand exactly what liens are and what they may mean for you and your investment.

WEST VIRGINIA The lien will continue for 10 years from the date of entry. W.Va. Code § 38-3-7. The judgment may be renewed for an additional 10 years.

Once the deed of trust or mortgage is paid off, the lender prepares a Certificate and Affidavit of Satisfaction. The lender may record a Certificate and Affidavit of Satisfaction on behalf of the borrower or send the borrower the original to be recorded.