A title search on a Chesterfield County property reveals a deed of trust recorded three years ago in favor of First Virginia Bank. The current seller claims the loan was paid off but cannot produce a recorded deed of release. Which document must be recorded in the circuit court clerk's office to clear this lien from the title?
Correct Answer
B) A deed of release or certificate of satisfaction executed by the trustee or lender
In Virginia, because the primary security instrument is a deed of trust (not a mortgage), the lien is released through a deed of release or certificate of satisfaction executed by the trustee or the beneficiary (lender). This instrument must be recorded in the circuit court clerk's office under Va. Code § 55.1-339 to provide constructive notice that the lien has been extinguished and to clear the title of record.
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Related Topics & Key Terms
Key Terms:
Related Concepts
A life estate is a freehold estate that grants ownership rights for the duration of someone's life.
Real property is immovable land and anything permanently attached to it, while personal property (also called chattels) is movable.
Tenancy by the entirety is a form of co-ownership available only to married couples that includes the right of survivorship and protection from individual creditors. Neither spouse can unilaterally sell or encumber the property.
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