Virginia Code 64.2-632: Effect of transfer on death deed at transferor’s death.
A. Except as otherwise provided in the transfer on death deed, in this section, in § 64.2-302 or Article 1.1 (§ 64.2-308.1 et seq.) of Chapter 3 of Title 55.1, a beneficiary takes the property subject to all conveyances, encumbrances, assignments, contracts, mortgages, liens, and other interests to which the property is subject at the transferor‘s death. For purposes of this subsection and Chapter 6 of Title 55.1, the transfer and conveyance of the property subject to the transfer on death deed shall be deemed to be effective at the transferor’s death.
Terms Used In Virginia Code 64.2-632
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Beneficiary: means a person that receives property under a transfer on death deed. See Virginia Code 64.2-621
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Joint owner: includes a joint tenant with the right of survivorship and tenant by the entirety with the right of survivorship. See Virginia Code 64.2-621
- Property: means an interest in real property located in the Commonwealth that is transferable on the death of the owner. See Virginia Code 64.2-621
- Right of survivorship: The ownership rights that result in the acquisition of title to property by reason of having survived other co-owners.
- Transfer on death deed: means a deed or conveyance of a cooperative interest authorized under this article. See Virginia Code 64.2-621
- Transferor: means an individual who makes a transfer on death deed. See Virginia Code 64.2-621
C. If a transferor is a joint owner and is:
1. Survived by one or more other joint owners, the property that is the subject of a transfer on death deed belongs to the surviving joint owner or owners with right of survivorship but remains subject to the naming of the designated beneficiary in the transfer on death deed; or
2. The last surviving joint owner, the transfer on death deed is effective.
D. A transfer on death deed transfers property without covenant or warranty of title even if the deed contains a contrary provision.