Virginia Transfer of Title (8) Flashcards Preview

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Flashcards in Virginia Transfer of Title (8) Deck (34)
1

In Virginia, what are 7 requirements for a valid deed?

1) Grantor has legal capacity
2) Grantee
3) Granting Clause
4) Accurate legal description of property
5) Delivery and Acceptance of deed
6) Consideration
7) Signature of the grantor

2

T/F. In Virginia, in order for a deed to be valid, signatures of both the grantor and grantee must be given?

False. Signature of only the grantor is enough for a valid deed

3

T/F. In Virginia, the same person may be the grantor and grantee in a deed?

True

4

T/F. The grantee named to receive a deed to real property should be legally competent to receive the property?

True

5

T/F. In Virginia, a deed to a nonexistent person is a valid conveyance to the intended, but misnamed, grantee if the intended grantee exists and the intention of the parties can be determined?

True

6

In VA, regarding the requirements for a valid conveyance, the grantor is presumed to have been competent at the time a deed was executed. What is the test of legal capacity?

The parties mental ability to understand the nature and consequences of the transaction at the time it was entered into.

7

T/F. In Virginia, a conveyance of land by a minor is NOT a valid transfer of title?

False. It IS a valid transfer of title

8

The _____________, "to have and to hold," is (rarely/frequently) used in Virginia.

habendum clause
rarely

9

Regarding VA requirements for a valid conveyance, if a seller or buyer is unable to attend the closing, what are 2 options available for them?

1) Prepare all papers to be signed in advance of the closing
2) Use a power of attorney

10

Although a power of attorney can be general or specific, a ________ power of attorney is required to convey real property in Virginia.

specific

11

T/F. A general power of attorney can be used in VA to convey property?

False. Only Specific Power of Attorney

12

What two things cannot be signed by an attorney-in-fact?

1) Affidavits
2) Sworn Statements

13

T/F. In VA regarding power of attorney, if an institutional lender is making a new loan, the lender's permission should be obtained for a borrower to execute a power of attorney?

True. The lender may not allow the use of an attorney-in-fact, especially if the loan is subject to truth-in-lending requirements.

14

T/F. Regarding power of attorney in VA, if the power of attorney is not recorded, it is as though the deed were unsigned by the party being represented by the attorney-in-fact?

True. Power of attorney must be recorded

15

In Virginia, the tax on the transfer of property is levied on the seller and the purchaser individually. The seller pays a __________ and the buyer pays a ____________. In some adjoining jurisdictions, the transaction is taxed as a whole and the tax liability is shared in some formula agreed on by the seller and the purchaser.

grantor tax
recordation tax

16

In VA, The state recordation tax is currently _____ per _____ of the __________ paid or the _______________, whichever is greater. A more direct mathematical representation would be ____________. The county or city may charge up to ______ of that amount, which in the case of Fairfax County, for example, would be an additional___________. County/city tax rates may differ.

$.25
$100
consideration
value of the property
.0025 x sales price
1/3
.0008 x sales price

17

Recordation taxes are usually paid by the ________ and collected at _______. Payment of these taxes is a prerequisite to having the deed recorded.

buyer
closing

18

T/F. Payment of recordation taxes is a prerequisite for having the deed recorded?

True

19

In addition to the recordation taxes, all deeds are subject to a __________ of _____ per _____ of the purchase price or the value of the grantor's equity in the property being transferred, in the case of assumption.

grantor's tax
$.50
$500

20

The grantor's tax is paid by the ________ and is collected at closing and paid to the clerk of the county where _______________.

seller
the deed is recorded

21

T/F. Unless exempted, deeds of trust and mortgages are taxed on a sliding scale, according to the amount of the obligation (that is, the debt) that the instrument secures?

True

22

In regards to adverse possession in VA, what 5 types of possession must be shown to establish title by adverse possession?

How long is the time period in VA to establish title by adverse possession?

1) actual
2) hostile
3) exclusive
4) visible
5) continuous

15 years

23

T/F. In Virginia regarding adverse possession, tacking to preserve continuous possession does NOT count, unless the intent to establish a continuous succession of adverse possessors is proven?

True

24

T/F. In VA, regarding adverse possession, adverse possession CAN be claimed if the possession has been abandoned by the claimant during the required time period.

False

25

In VA regarding transfer of a deceased person's property, when any person with title to real estate that may be inherited dies ________, that is, having executed a legal will, the real estate will pass according to the terms of the instrument.

testate

26

In Virginia, what serves as probate courts?

Circuit Courts

27

Regarding VA transfer of a deceased person's property, a __________ may be revoked at any time after execution, while a __________ cannot be revoked after it has been delivered to the grantee.

will
deed

28

T/F. A will cannot be revoked after it has been delivered to the grantee?

False. A will CAN be revoked, a deed CANNOT

29

What is the rule of construction in determining whether an instrument is a will or a contract?

If it passes a present interest, it is a deed or contract

If its rights or interests do not convey until the death of the maker, it is a testamentary paper, or will

30

T/F. A person of unsound mind or under the age of 18 years is capable of making a valid will?

False

31

T/F. Neither the testator's poor health nor impaired intellect is sufficient, standing alone, to render a will invalid?

True

32

T/F. Oral wills and nuncupative (deathbed) wills are valid in VA?

False

33

Holographic Will?

What makes a Holographic Will valid?

A will that is wholly in the testator's handwriting.

It is valid if the testator signs the will and acknowledges it in the presence of at least two competent witnesses who are both present at the same time.

34

T/F. Some other person, rather than the testator, may sign a valid will if that other person is in the testators presence and signs it by his or her direction in such a way as to make it clear that the name is intended as his or her signature?

True