Updated on September 1st, 2022
A Virginia deed of trust transfers title of an owner’s property to a trustee as security for repayment to a beneficiary who financed the real estate purchase. The trustee’s role is to hold onto the title until the owner (grantor ) repays the debt, at which point they’ll transfer the title back. Under a deed of trust, the grantor agrees to the trustee’s power of sale; that is, the right to a “non-judicial foreclosure” if they default on payments. This type of foreclosure process exempts the beneficiary from requiring the court’s approval to sell the property.
- Statutes: § 55.1-316 to § 55.1-345
- Formatting: § 17.1-223, § 55.1-316, § 55.1-604. Local formatting rules may apply in certain counties (such as Fairfax County).
- Signing Requirements (§ 55.1-600 & § 55.1-612): Notary Public/Clerk of Court or Two (2) Witnesses
- Where to Record (§ 55.1-407(A)): County Circuit Court Clerk
- Recording Fees (§ 17.1-275(2)):
- $18 for documents of ten (10) or less pages, $32 for documents of eleven (11) to thirty (30) pages, $52 for documents of thirty-one pages or more.
- Virginia Deed Fees and Taxes Calculator
- Cover Sheet (§ 17.1-227.1): May be required by the Circuit Court Clerk.
- Virginia Land Record Cover Sheet – Generator (Fairfax Circuit Court accepts the below cover sheet only)
- Fairfax Circuit Court Coversheet Generator
Related Forms (1)
Virginia Promissory Note – Defines the terms of a loan’s repayment.
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