Virginia Code 55.1-2302: Transfer of ownership
Current as of: 2024 | Check for updates
|
Other versions
It is unlawful for the developer to transfer fee simple ownership of a lot or parcel within a subdivision to a purchaser by any other means than by a general or special warranty deed or other deed complying with Chapter 3 (§ 55.1-300 et seq.).
Terms Used In Virginia Code 55.1-2302
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Developer: means any person who offers, directly or indirectly, for disposition, any lot in a subdivision, but does not include a trustee under a deed of trust securing an indebtedness or other obligation who sells lots within such subdivision under foreclosure proceedings, provided that the purpose in so doing is not to evade the provisions of this chapter. See Virginia Code 55.1-2300
- Fee simple: Absolute title to property with no limitations or restrictions regarding the person who may inherit it.
- Lot: means any unit, parcel, division, piece of land, or interest in land except utility easements if such interest carries with it the exclusive right to use a specific portion of property. See Virginia Code 55.1-2300
- Purchaser: means a person who acquires or attempts to acquire any lot in a subdivision. See Virginia Code 55.1-2300
- Subdivision: means :
1. See Virginia Code 55.1-2300
1978, c. 510, § 55-341; 2019, c. 712.