Virginia Code 55.1-1505: Incorporation of agreement into deed
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A ground rent agreement made pursuant to the provisions of this chapter may be incorporated into the deed or other instrument of transfer in the following form:
Terms Used In Virginia Code 55.1-1505
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Land: is a three-dimensional concept and includes parcels with upper or lower boundaries, or both upper and lower boundaries, as well as parcels extending ab solo usque ad coelum. See Virginia Code 55.1-1500
- Obligee: means any person or entity to whom a residential ground rent is owed. See Virginia Code 55.1-1500
- Obligor: means one or more individuals who are obligated to pay a residential ground rent. See Virginia Code 55.1-1500
This deed is subject to annual ground rent or charge as follows:
1. Date of agreement: ______;
2. Parties:
a. Obligor: ______; and
b. Obligee: ______;
3. Ground rent and any future adjustments to it: ______;
4. When payable: ______;
5. Duration: ______;
6. Original value of land: ______; and
7. Redemption price, if agreed on: ______.
1975, c. 363, § 55-79.06; 2019, c. 712.