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Virginia Real Estate Practices

Real Estate Practices by State
Real Estate Practices by Practice
Pricing and Schedule of Charges

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R.E.P. by Practice (Answer)
V 1

Virginia Attorney Involvement

R.E.P. Topic by State (Question)

Please describe any requirements under applicable state law for attorney, abstractor or other special professional involvement, for example, in the search, examination, opinion of title, signing, closing, disbursement, recording, preparation of documents, and/or policy-issuance.

Attorneys must prepare legal documents; no other requirements.

R.E.P. by Practice (Answer)
V 1

Virginia Cancellation/Commitment Fee

R.E.P. Topic by State (Question)

Does your state permit or require a cancellation fee or commitment fee upon cancellation?

Not regulated.

R.E.P. by Practice (Answer)
V 1

Virginia Certificate of Release (of Mortgage)

R.E.P. Topic by State (Question)

If anyone other than the lender (such as a title agent, settlement agent, underwriter or attorney) has the authority to release the security instrument, please describe.

Lender, lender’s agent, or settlement agent may release.

R.E.P. by Practice (Answer)
V 1

Virginia Deeds

R.E.P. Topic by State (Question)

Please describe the kinds of deeds that are customary for commercial and residential transactions. Please describe the kinds of deeds that are generally not insurable.

General and Special Warranty and Quitclaim deeds are customary and insurable.

R.E.P. by Practice (Answer)
V 1

Virginia Good Funds Requirements

R.E.P. Topic by State (Question)

Is there a good funds requirement in your state?

Yes, Code Chapter 1.1 v, Section 6.1-2.13.
VA Code Ann. Sec 6.1- 2.10; 6.1-2.11;6,1-2.12; 6.1- 2.13; 6.1-2.14; 6.1-2.15; 6.1-2.23(D) (9-4-19)

R.E.P. by Practice (Answer)
V 1

Virginia Joinder of Spouses

R.E.P. Topic by State (Question)

If a non-title holding spouse is required to join in the execution of a deed or a security instrument, please describe. Any analogous rights, such as those in a civil union or equivalent, should also be addressed.

Not required if arm’s length transaction (BFP for value).

R.E.P. by Practice (Answer)
V 1

Virginia Mortgage Tax

R.E.P. Topic by State (Question)

Is there a mortgage tax in your state? If yes, is it uniform across the state or does it vary? If it is uniform, please describe.

Yes, mortgage tax is uniform throughout the state.
In addition to the County tax of 8.33 cents per $100 and subject to the exemptions set forth in Title 58.1 of the Code of Virginia, the maximum tax on the recordation of any deed of trust or mortgage … shall be determined in accordance with the following schedule:
On the first $10 million of value as determined pursuant to this section, 25 cents upon every $100 or portion thereof;
On the next $10 million of value as determined pursuant to this section, 22 cents upon every $100 or portion thereof;
On the next $10 million of value as determined pursuant to this section, 19 cents upon every $100 or portion thereof;
On the next $10 million of value as determined pursuant to this section, 16 cents upon every $100 or portion thereof; and
On all over $40 million of value as determined pursuant to this section, 13 cents upon every $100 or portion thereof, incorporated into this section.
(Code 1950, § 58-55; 1972, c. 186; 1977, c. 611; 1978, cc. 68, 805; 1982, c. 630; 1983, c. 553; 1984, c. 675; 1998, c. 349; 2004, Sp. Sess. I, c. 3.)

R.E.P. by Practice (Answer)
V 1

Virginia Payment Customs

R.E.P. Topic by State (Question)

Who customarily pays for:

(a) buyer
(b) seller pays grantor’s tax; buyer pays all others
(c) buyer
(d) each pays for own services provided

R.E.P. by Practice (Answer)
V 1

Virginia Policy Countersignatures

R.E.P. Topic by State (Question)

Please describe any statutory or regulatory requirements for countersignatures in order to issue the policy (for example, residency requirements).

No requirements.

R.E.P. by Practice (Answer)
V 1

Virginia Real Estate Taxes

R.E.P. Topic by State (Question)

Please describe the general tax year, due dates, and delinquency dates, including lien dates and payment cycle.

Tax year is calendar year. Most counties collect on the half year, although not all. Each county sets its own due dates. Exemptions and deferrals may be available.

R.E.P. by Practice (Answer)
V 1

Virginia Search Requirements

R.E.P. Topic by State (Question)

Is there a minimum period of time for a title search required: (a) by state law, (b) pursuant to marketable record title acts, or (c) by any other applicable title examination standards (e.g., state bar association)? Please respond to each category. If a minimum search period exists for any category, please state it.

(a)(b)(c) None. Accepted practice is 40 years constitutes a full search, although some attorneys still insist on 60 years.

R.E.P. by Practice (Answer)
V 1

Virginia Search and Examination Fees

R.E.P. Topic by State (Question)

Is it permissible and/or customary to charge a separate search and/or examination fee, and under what circumstances? If your jurisdiction is all-inclusive, please state that.

Yes.

R.E.P. by Practice (Answer)
V 1

Virginia Security Instruments (Deed of Trust vs. Mortgage)

R.E.P. Topic by State (Question)

Please describe the customary and permissible form(s) of security instruments used in your state.

Who can be listed as the trustee on the Deed of Trust (e.g., residency and/or natural person requirements, etc.)? Can an underwriter or title agent be designated as the trustee, and, if so, is it customary?

Deeds of Trust, although Mortgages are acceptable. Trustees must be residents of the state; if corporation, must be principal place of business.

R.E.P. by Practice (Answer)
V 1

Virginia Standard Exceptions and Requirements

R.E.P. Topic by State (Question)

Please identify the standard exceptions and requirements that are customarily used in your state.

Virginia uses the standard exceptions.

  1. Rights or claims of parties in possession not shown by the Public Records.
  2. Easements, or claims of easements, not shown by the Public Records.
  3. Encroachments, overlaps, boundary line disputes, or other matters which would be disclosed by an accurate survey or inspection of the Land.
  4. Any lien, or right to a lien, for services, labor, or material heretofore or hereafter furnished, imposed by law and not shown on the Public Records.
  5. Taxes or special assessments which are not shown as existing liens by the Public Records.

R.E.P. by Practice (Answer)
V 1

Virginia State-specific Policy Variations

R.E.P. Topic by State (Question)

If there are state-specific changes to the provisions in the ALTA policies (e.g., Arbitration, Minerals), please describe.

None.

R.E.P. by Practice (Answer)
V 1

Virginia Title Insurance Form and Filing Regulations

R.E.P. Topic by State (Question)

Please describe the form and/or rate filing requirements, if any, related to policies and endorsements. Please describe any applicable rating bureau.

None.

R.E.P. by Practice (Answer)
V 1

Virginia Transfer Taxes

R.E.P. Topic by State (Question)

Is there a transfer tax in your state? If yes, is it uniform across the state or does it vary? If it is uniform, please describe.

Grantor and grantee taxes, uniform throughout the state.

R.E.P. by Practice (Answer)
V 1

Virginia Usury

R.E.P. Topic by State (Question)

Is usury coverage available?

Yes, commercial.

R.E.P. by Practice (Answer)
V 1

Virginia Withholding Taxes

R.E.P. Topic by State (Question)

What are your state’s requirements, if any, with regard to withholding proceeds from a sale, similar to but not including FIRPTA?

No withholding, but form must be filed on non-residents.

R.E.P. by Practice (Answer)
V 1

Virginia Witness Requirements

R.E.P. Topic by State (Question)

Are witnesses required on a deed or security instrument? If so, please describe.

Acknowledgment only; witnesses are not required on any deed or security instrument.