Virginia Affidavit of Satisfaction of Drilling Obligation for Lessee's Compliance with Drilling Obligations Contained in A Lease
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How to fill out Affidavit Of Satisfaction Of Drilling Obligation For Lessee's Compliance With Drilling Obligations Contained In A Lease?
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FAQ
A Virginia small estate affidavit, known formally as the Virginia Small Estate Act Affidavit, may be used to expedite a probate process for an estate worth less than $50,000 (excluding real estate). The form may not be used until at least sixty (60) days have passed since the date of death of the decedent.
When heirs' property is created, the heirs own all the property together (in legal terms, they own the property as ?tenants in common?). In other words, they each own an interest in the undivided land rather than each heir owning an individual lot or piece of the land.
The small estate affidavit itself does not have to be filed with the court if the signatures have been notarized. If signatures have not been notarized, then the affidavit has to be filed with the court.
The appointment of an executor or administrator is not always required. If such is the situation, no formal administration is necessary. This is usually true where the estate is a small asset estate, personal property having value on the date of death of no more than $50,000.00.
The certificate of satisfaction shall be signed by the creditor or his duly authorized agent, attorney or attorney-in-fact, or any person to whom the instrument evidencing the indebtedness has been endorsed or assigned for the purpose of effecting such release.
This affidavit can be used to transfer title of the real estate to the heirs. The person filing the affidavit need not be the personal representative of the estate. Of course, this option to transfer ownership would not be available if the decedent died with a will (e.g., died testate).
