Flashcards in Virginia Transfer of Title (8) Deck (34)
In Virginia, what are 7 requirements for a valid deed?
1) Grantor has legal capacity
3) Granting Clause
4) Accurate legal description of property
5) Delivery and Acceptance of deed
7) Signature of the grantor
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
T/F. In Virginia, the same person may be the grantor and grantee in a deed?
T/F. The grantee named to receive a deed to real property should be legally competent to receive the property?
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?
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.
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
The _____________, "to have and to hold," is (rarely/frequently) used in Virginia.
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
Although a power of attorney can be general or specific, a ________ power of attorney is required to convey real property in Virginia.
T/F. A general power of attorney can be used in VA to convey property?
False. Only Specific Power of Attorney
What two things cannot be signed by an attorney-in-fact?
2) Sworn Statements
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.
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
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.
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.
value of the property
.0025 x sales price
.0008 x sales price
Recordation taxes are usually paid by the ________ and collected at _______. Payment of these taxes is a prerequisite to having the deed recorded.
T/F. Payment of recordation taxes is a prerequisite for having the deed recorded?
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.
The grantor's tax is paid by the ________ and is collected at closing and paid to the clerk of the county where _______________.
the deed is recorded
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?
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?
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?
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.
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.
In Virginia, what serves as probate courts?
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.
T/F. A will cannot be revoked after it has been delivered to the grantee?
False. A will CAN be revoked, a deed CANNOT
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