Virginia Transfer of Title (8)

Question 1

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

Answer 1

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

Question 2

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

Answer 2

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

Question 3

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

Answer 3

True

Question 4

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

Answer 4

True

Question 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?

Answer 5

True

Question 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?

Answer 6

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

Question 7

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

Answer 7

False. It IS a valid transfer of title

Question 8

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

Answer 8

habendum clause

rarely

Question 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?

Answer 9

1) Prepare all papers to be signed in advance of the closing

2) Use a power of attorney

Question 10

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

Answer 10

specific

Question 11

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

Answer 11

False. Only Specific Power of Attorney

Question 12

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

Answer 12

1) Affidavits

2) Sworn Statements

Question 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?

Answer 13

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

Question 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?

Answer 14

True. Power of attorney must be recorded

Question 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.

Answer 15

grantor tax

recordation tax

Question 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.

Answer 16

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

Question 17

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

Answer 17

buyer

closing

Question 18

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

Answer 18

True

Question 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.

Answer 19

grantor’s tax
$.50
$500

Question 20

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

Answer 20

seller

the deed is recorded

Question 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?

Answer 21

True

Question 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?

Answer 22

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

15 years

Question 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?

Answer 23

True

Question 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.

Answer 24

False

Question 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.

Answer 25

testate

Question 26

In Virginia, what serves as probate courts?

Answer 26

Circuit Courts

Question 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.

Answer 27

will

deed

Question 28

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

Answer 28

False. A will CAN be revoked, a deed CANNOT

Question 29

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

Answer 29

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

Question 30

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

Answer 30

False

Question 31

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

Answer 31

True

Question 32

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

Answer 32

False

Question 33

Holographic Will?

What makes a Holographic Will valid?

Answer 33

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.

Question 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?

Answer 34

True