Virginia Certificate of Trust for Successor Trustee
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If this form requires notarization, complete it online through a secure video call—no need to meet a notary in person or wait for an appointment.
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FAQ
Recordation of certificate of satisfaction, etc., required when release of lien recorded.
The main difference between a deed and a deed of trust is that a deed is a transfer of ownership, while a deed of trust is a security interest. A deed of trust is used to secure a loan, while a deed is used to transfer ownership of a property.
A. No person may be named or act, in person or by agent or attorney, as the trustee of a deed of trust conveying property to secure the payment of money or the performance of an obligation, either individually or as one of several trustees, unless such person is a resident of the Commonwealth.
A certification of trust shall state that the trust has not been revoked, modified, or amended in any manner that would cause the representations contained in the certification of trust to be incorrect.
To create a living trust in the state of Virginia, you must have a written trust document signed in the presence of a notary. The trust won't be official until you have transferred your assets into it. Living trusts may offer up a variety of benefits that will help you in the long run.
Duty to inform and report. A. A trustee shall keep the qualified beneficiaries of the trust reasonably informed about the administration of the trust and of the material facts necessary for them to protect their interests.
Satisfaction of Real Estate Taxes. By statute the trustee is obligated to satisfy all real estate taxes to the date of sale and to submit to the Commissioner of Accounts evidence that those taxes have been paid. Section 55.1-324, Code of Virginia.
A deed of trust is a legal agreement that's similar to a mortgage, which is used in real estate transactions. Whereas a mortgage only involves the lender and a borrower, a deed of trust adds a neutral third party that holds rights to the real estate until the loan is paid or the borrower defaults.