Transfer title to a Virginia property from a seller to a trustee with this Virginia Deed of Trust.
- A Deed of Trust is often used in place of a mortgage when purchasing real estate. It cannot be used for agricultural land.
- Under the Deed of Trust, title is conveyed by the seller to a trustee instead of to the purchaser.
- The trustee holds the title as security to ensure the purchaser's performance of its obligations (including payment of the purchase price, maintenance and upkeep of the property, payment of taxes, etc).
- If the borrower defaults in payment, the balance becomes due and payable and the trustee may sell the property.
- The Deed of Trust contains uniform covenants regarding payments, taxes and insurance, care and maintenance of the property, protection of the lender's security, and other standard clauses.
- The debt secured by the Deed of Trust is subject to being called in full, or the terms being modified in the event of sale or conveyance of the property.
This Virginia Deed of Trust
form is provided in MS Word format, and is fully editable to meet your needs.
Last Updated: 14-April-2016