A Virginia real estate licensee is explaining what types of instruments should be recorded in the circuit court clerk's office to protect interests in real property. Which of the following instruments does NOT need to be recorded to be valid between the immediate parties to the transaction?
Correct Answer
C) A lease agreement for a term of less than one year between a landlord and tenant
Under Virginia law, a short-term lease of less than one year does not need to be recorded to be valid and enforceable between the landlord and tenant. Virginia Code § 55.1-407 and related provisions establish that while recording protects against subsequent purchasers and creditors, short-term leases (generally under one year) are exempt from the recording requirement and are enforceable as personal contracts between the immediate parties without recordation.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Community property is a system where property acquired during a marriage is owned equally by both spouses.
A freehold estate represents ownership of real property with an indefinite duration.
Joint tenancy is a form of co-ownership in which two or more persons hold equal, undivided interests in property with the right of survivorship. When one joint tenant dies, their interest automatically passes to the surviving joint tenants.
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