Property Ownership
In Virginia, a 'transfer-on-death deed' (TOD deed) allows a property owner to:
ATransfer property immediately upon signing
BName a beneficiary who receives title automatically upon the owner's death without probate✓ Correct
CCreate a trust
DOnly transfer to a charity
Explanation
Virginia's Real Property Transfer on Death Act (Va. Code § 64.
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Key Terms to Know
Deed
A written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
Abstract of TitleA condensed history of a property's title, summarizing all recorded documents and encumbrances affecting it from the earliest record to the present.
Chain of TitleThe sequential record of all transfers of ownership for a piece of property from the original patent holder to the present owner.
Joint TenancyCo-ownership where two or more people hold equal, undivided interests with the right of survivorship — when one owner dies, their share passes to the surviving owners.
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