Fill and Sign the Virginia Deed Trust Form

© 2016 - U.S. Legal Forms, Inc.       VIRGINIA DEED OF GIFT [Individual to Trust] Control Number: VA-035-77 I. TIPS ON COMPLETING THE FORMS The form(s) in this packet may contain “form fields” created using Microsoft Word or Adobe Acrobat (“.pdf” format). “Form fields” facilitate completion of the forms using your computer. They do not limit your ability to print the form “in blank” and complete with a typewriter or by hand. It is also helpful to be able to see the location of the form fields. Go to the View menu, click on Toolbars, and then select Forms. This will open the Forms toolbar. Look for the button on the Forms toolbar that resembles a shaded letter “a”. Click this button and the form fields will be visible. By clicking on the appropriate form field, you will be able to enter the needed information. In some instances, the form field and the line will disappear after information is entered. In other cases, it will not. The form was created to function in this manner. II. DISCLAIMER These materials were developed by U.S. Legal Forms, Inc. based upon statutes and forms for the state of Virginia. All information and forms are subject to this Disclaimer: All forms in this package are provided without any warranty, express or implied, as to their legal effect and completeness. Please use at your own risk. If you have a serious legal problem, we suggest that you consult an attorney in your state. U.S. Legal Forms, Inc. does not provide legal advice. The products offered by U.S. Legal Forms (USLF) are not a substitute for the advice of an attorney. THESE MATERIALS ARE PROVIDED “AS IS” WITHOUT ANY EXPRESS OR IMPLIED WARRANTY OF ANY KIND INCLUDING WARRANTIES OF MERCHANTABILITY, NONINFRINGEMENT OF INTELLECTUAL PROPERTY, OR FITNESS FOR ANY PARTICULAR PURPOSE. IN NO EVENT SHALL U.S. LEGAL FORMS, INC. OR ITS AGENTS OR OFFICERS BE LIABLE FOR ANY DAMAGES WHATSOEVER (INCLUDING WITHOUT LIMITATION DAMAGES FOR LOSS OR PROFITS, BUSINESS INTERRUPTION, LOSS OF INFORMATION) ARISING OUT OF THE USE OF OR INABILITY TO USE THE MATERIALS, EVEN IF U.S. LEGAL FORMS, INC. HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. I II. EXEMPTIONS FROM RECORDATION TAX: Virginia Code Title 58.1. Taxation. SUBTITLE I. TAXES ADMINISTERED BY THE DEPARTMENT OF TAXATION. CHAPTER 8. STATE RECORDATION TAX. § 58.1-811. Exemptions. — A. The taxes imposed by §§ 58.1-801 (state recordation tax on deeds) and 58.1-807 (contract recorded regarding real estate) shall not apply to any deed conveying real estate or lease of real estate: 1. To an incorporated college or other incorporated institution of learning not conducted for profit, where such real estate is intended to be used for educational purposes and not as a source of revenue or profit; 2. To an incorporated church or religious body or to the trustee or trustees of any church or religious body, or a corporation mentioned in § 57-16.1 , where such real estate is intended to be used exclusively for religious purposes, or for the residence of the minister of any such church or religious body; 3. To the United States, the Commonwealth, or to any county, city, town, district or other political subdivision of the Commonwealth; 4. To the Virginia Division of the United Daughters of the Confederacy; 5. To any nonstock corporation organized exclusively for the purpose of owning or operating a hospital or hospitals not for pecuniary profit; 6. To a corporation upon its organization by persons in control of the corporation in a transaction which qualifies for nonrecognition of gain or loss pursuant to § 351 of the Internal Revenue Code as it exists at the time of the conveyance; 7. From a corporation to its stockholders upon complete or partial liquidation of the corporation in a transaction which qualifies for income tax treatment pursuant to §331, 332, 333 or 337of the Internal Revenue Code as it exists at the time of liquidation; 8. To the surviving or new corporation, partnership, limited partnership, business trust, or limited liability company upon a merger or consolidation to which two or more such entities are parties, or in a reorganization within the meaning of § 368(a)(1)(C) and (F) of the Internal Revenue Code as amended; 9. To a subsidiary corporation from its parent corporation, or from a subsidiary corporation to a parent corporation, if the transaction qualifies for nonrecognition of gain or loss under the Internal Revenue Code as amended; 10. To a partnership or limited liability company, when the grantors are entitled to receive not less than 50 percent of the profits and surplus of such partnership or limited liability company; provided that the transfer to a limited liability company is not a precursor to a transfer of control of the assets of the company to avoid recordation taxes; 11. From a partnership or limited liability company, when the grantees are entitled to receive not less than 50 percent of the profits and surplus of such partnership or limited liability company; provided that the transfer from a limited liability company is not subsequent to a transfer of control of the assets of the company to avoid recordation taxes; 12. To trustees of a revocable inter vivos trust, when the grantors in the deed and the beneficiaries of the trust are the same persons, regardless of whether other beneficiaries may also be named in the trust instrument, when no consideration has passed between the grantor and the beneficiaries; and to the original beneficiaries of a trust from the trustees holding title under a deed in trust; 13. When the grantor is the personal representative of a decedent's estate or trustee under a will or inter vivos trust of which the decedent was the settlor, other than a security trust defined in §55-58.1, and the sole purpose of such transfer is to comply with a devise or bequest in the decedent's will or to transfer title to one or more beneficiaries after the death of the settlor in accordance with a dispositive provision in the trust instrument; or 14. When the grantor is an organization exempt from taxation under § 501(c)(3) of the Internal Revenue Code that is organized and operated primarily to acquire land and purchase materials to erect or rehabilitate low-cost homes on such land, which homes are sold at cost to persons who otherwise would be unable to afford to buy a home through conventional means. B. The taxes imposed by §§ 58.1-803 and 58.1-804 shall not apply to any deed of trust or mortgage: 1. Given by an incorporated college or other incorporated institution of learning not conducted for profit; 2. Given by the trustee or trustees of a church or religious body or given by an incorporated church or religious body, or given by a corporation mentioned in § 57-16.1; 3. Given by any nonstock corporation organized exclusively for the purpose of owning and/or operating a hospital or hospitals not for pecuniary profit; 4. Given by any local governmental entity or political subdivision of the Commonwealth to secure a debt payable to any other local governmental entity or political subdivision; or 5. Securing a loan made by an organization described in subdivision 14 of subsection A of this section. C. The tax imposed by § 58.1-802 shall not apply to any: 1. Transaction described in subdivisions 6 through 13 of subsection A of this section; 2. Instrument or writing given to secure a debt; 3. Deed conveying real estate from an incorporated college or other incorporated institution of learning not conducted for profit; 4. Deed conveying real estate from the United States, the Commonwealth or any county, city, town, district or other political subdivision thereof; 5. Conveyance of real estate to the Commonwealth or any county, city, town, district or other political subdivision thereof, if such political unit is required by law to reimburse the parties taxable pursuant to §58.1-802; or 6. Deed conveying real estate from the trustee or trustees of a church or religious body or from an incorporated church or religious body, or from a corporation mentioned in § 57-16.1. D. No recordation tax shall be required for the recordation of any deed of gift between a grantor or grantors and a grantee or grantees when no consideration has passed between the parties. Such deed shall state therein that it is a deed of gift. E. The tax imposed by §58.1-807 shall not apply to any lease to the United States, the Commonwealth, or any county, city, town, district or other political subdivision of the Commonwealth. F. The taxes and fees imposed by §§ 58.1-801, 58.1-802, 58.1-807, 58.1-808, and 58.1-814 shall not apply to (i) any deed of gift conveying real estate or any interest therein to The Nature Conservancy or (ii) any lease of real property or any interest therein to The Nature Conservancy, where such deed of gift or lease of real estate is intended to be used exclusively for the purpose of preserving wilderness, natural or open space areas. G. The words "trustee" or "trustees," as used in subdivision 2 of subsection A, subdivision 2 of subsection B, and subdivision 6 of subsection C, include the trustees mentioned in §57-8 and the ecclesiastical officers mentioned in § 57-16. H. No recordation tax levied pursuant to this chapter shall be levied on the release of a contractual right, if the release is contained within a single deed that performs more than one function, and at least one of the other functions performed by the deed is subject to the recordation tax. I. No recordation tax levied pursuant to this chapter shall be levied on a deed, lease, easement, release, or other document recorded in connection with a concession pursuant to the Public- Private Transportation Act of 1995 (§ 56-556 et seq.) or similar federal law. Prepared by and, after Recording, Return to:                   Grantee’s Name and Current Address:                   Tax Map Reference No.       Consideration and/or assumption balance to be paid: $       Exempt from Recordation Taxes pursuant to Section 58.1-811(D) , Virginia Code. DEED OF GIFT This is a Deed of Gift, dated       , by and between       , GRANTOR, who does hereby quitclaim, release and convey to       , an individual whose street address is       ,       , as Trustee under the provisions of a trust agreement dated       , 20       , and known as the       Trust, GRANTEE, all right, title and interest of the Grantor in and to the following described real estate: See Legal Description Attached as Exhibit A incorporated by reference herein Legal Description:       Street Address of property:       This being the same property conveyed to       , by deed from       , dated       , and duly recorded in the aforesaid Clerk’s Office in Deed Book       , at page       . Quitclaim Deed Page 1 of 2 The Real Estate is conveyed subject to all recorded easements, conditions, restrictions and agreements that lawfully apply to the Real Estate or any part thereof. Witness the following signature and seal: Signature of Grantor       Type/Print Name Commonwealth of Virginia , County of __________________ On this ______ day of __________________ , 20 ______ , before me, personally appeared ______________________________ to me known to be the person who executed the foregoing instrument, and he/she thereupon duly acknowledged to me that he/she executed the same to be his/her free act and deed. Given under my hand and seal this ______ day of __________________ , 20 ______ . Notary Public My Commission Expires:             Print or Type Name Quitclaim Deed Page 2 of 2 APPENDEX A Grantor:       Grantee Trust:       Trustee:       Legal Description:       Quitclaim Deed Exhibit A