Property Ownership
In Virginia, when a property is transferred via a 'deed in lieu of foreclosure,' the lender receives:
AOnly the unpaid loan balance
BFee simple title to the property in exchange for releasing the mortgage debt✓ Correct
CA lien on future earnings
DOnly the down payment amount
Explanation
In a deed in lieu of foreclosure, the borrower voluntarily conveys fee simple title to the lender. The lender typically releases the borrower from the mortgage debt (depending on negotiated terms) in exchange.
Related Virginia Property Ownership Questions
- A Virginia property owner who wants to limit the property's future use to residential purposes may record a:
- The Virginia Condominium Act requires that a purchaser of a resale condominium unit receive a resale certificate. How many days does the buyer have to void the contract after receipt?
- A Virginia deed that uses the words 'to John Smith and Mary Smith, as tenants by the entirety' conveys ownership that:
- A fee simple absolute estate in Virginia is best described as:
- In Virginia, when two or more persons own real property with equal undivided interests and the right of survivorship, this is called:
- In Virginia, after a borrower pays off their deed of trust, the trustee should execute and record:
- In Virginia, a timeshare is regulated under which law?
- In Virginia, a lis pendens is best described as:
Practice More Virginia Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Virginia Quiz →