A Virginia executor is settling the estate of a deceased property owner and needs to convey the decedent's real property to the heir. The executor has no personal knowledge of the property's title history and does not want to incur personal warranty liability. Which deed type is most appropriate for the executor to use?
Correct Answer
D) Executor's deed or fiduciary deed, typically conveying without personal warranty
In Virginia, fiduciaries such as executors, administrators, trustees, and guardians typically convey real property using a fiduciary deed (sometimes called an executor's deed or personal representative's deed). This deed type conveys the decedent's interest in the property without imposing personal warranty liability on the fiduciary, who is acting in a representative capacity and cannot reasonably warrant the entire chain of title. The deed recites the fiduciary's authority and the source of that authority (e.g., the will or court order).
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Related Topics & Key Terms
Key Terms:
Related Concepts
The bundle of rights describes the rights associated with property ownership, allowing owners to use, control, enjoy, exclude others from, and dispose of the property.
Community property is a form of ownership recognized in certain states where property acquired during marriage is considered equally owned by both spouses, regardless of who earned the money or whose name is on the title.
Condominium ownership involves owning a unit of airspace within a multi-unit building plus an undivided interest in the common elements shared with other unit owners. Each unit is separately taxed and financed.
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