Escrow & Title
Which type of deed is most commonly used by trustees in Virginia foreclosure sales?
AGeneral warranty deed
BSpecial warranty deed
CTrustee's deed✓ Correct
DQuitclaim deed
Explanation
A trustee's deed is used in Virginia foreclosure (trustee's sale) proceedings to convey property from the trustee to the highest bidder. It provides no warranties and is recorded after the foreclosure sale.
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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).
Deed of TrustA security instrument used in many states instead of a mortgage, involving three parties: borrower (trustor), lender (beneficiary), and a neutral trustee.
Comparable Sales (Comps)Recently sold properties similar in size, condition, and location used by appraisers and agents to estimate a property's market value.
EasementA non-possessory right to use another person's land for a specific purpose.
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