Virginia Code 6.2-416: Certain mortgages not to prohibit further encumbrance of real property.
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Where any loan is secured by a mortgage or deed of trust on real property comprised of one- to four-family residential dwelling units, the note, or mortgage or deed of trust evidencing such loan shall in no way prohibit the further encumbrance of the real property.
Terms Used In Virginia Code 6.2-416
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
1975, c. 398, § 6.1-2.5; 2010, c. 794.