VA Property Flashcards
Adverse Possession Elements
Open and notorious, continuous, exclusive, adverse, and hostile for 15 years.
Rule Against Perpetuities
No interest is good unless it must vest, if at all, not later than 21 years after some life in being at the creation of the interest.
Joint Tenancy with Right of Survivorship
Requires four unities: time, title, interest, and possession. Right of survivorship means the surviving tenant takes the interest of the deceased tenant.
Tenancy by the Entirety
Only available to married couples. Includes right of survivorship and cannot be severed by one party.
Easement by Prescription
Similar to adverse possession: open and notorious, adverse, continuous use for 20 years.
Doctrine of Equitable Conversion
Once a contract for sale is signed, the buyer is considered the equitable owner of the property, and the seller holds the legal title in trust for the buyer.
Recording Statutes in Virginia
Virginia follows a race-notice statute: the first to record without notice of prior unrecorded claims prevails
Fixtures
Items attached to real property that become part of the property. Determined by annexation, adaptation, and intention.
Fee Simple Absolute
The most complete ownership interest possible, with unlimited duration and transferability.
Life Estate
Ownership interest lasting for the life of a specified person. Upon death, the property passes to the remainderman.
Types of Deeds in Virginia
General Warranty Deed, Special Warranty Deed, Quitclaim Deed.
General Warranty Deed
Provides the most protection; warrants against all defects in title, whether they arose before or after the grantor took title.
Special Warranty Deed
Warrants only against defects that arose during the grantor’s ownership of the property.
Quitclaim Deed
Provides no warranties; conveys only the interest the grantor has in the property, if any.
Doctrine of Merger
When a buyer accepts a deed, the contract merges into the deed, and the buyer can no longer sue on the contract.
