Letter to Lienholder to Notify of Trust Virginia Form
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People also ask
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Who is the maker in a deed of trust?
A borrower, otherwise known as a trustor. This is the person who establishes a trust. A trustee, a third party charged with holding the entrusted property until a loan or debt is paid for in full.
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What is the difference between a trust deed and a deed of trust?
A deed of trust, also called a trust deed, is the functional equivalent of a mortgage. It does not transfer the ownership of real property, as the typical deed does. Like a mortgage, a trust deed makes a piece of real property security (collateral) for a loan.
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Who can prepare deeds in Virginia?
We recommend seeing a licensed attorney in the Commonwealth familiar with recordation/land records to prepare the deed so that it is prepared properly as it is a legal document transferring property. All deeds have to meet all standards within the Code of Virginia and the Library of Virginia Recordation Standards.
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What is the VA code 55.1 345?
Whenever a release of a deed of trust or other obligation is recorded in the office of the clerk of any circuit court, such clerk shall record a certificate of satisfaction or certificate of partial satisfaction, stating that such deed or other obligation is released.
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Can a trust hold title to real property in Virginia?
To title your real property into your Trust, a new deed reflecting the name of the Trust must be prepared and recorded with the county where the property is located.
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Who can prepare a deed of trust in Virginia?
All deeds must be prepared by the owner of the property or by an attorney licensed to practice in Virginia. The requirements are listed below in the code section. Click here to read about e-Recording. § 17.1-223.
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Who can be a trustee on a deed of trust in Virginia?
§ 55.1-317. A. No person may be named or act, in person or by agent or attorney, as the trustee of a deed of trust conveying property to secure the payment of money or the performance of an obligation, either individually or as one of several trustees, unless such person is a resident of the Commonwealth.
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