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Abstract of Title

In Virginia in particular, an Abstract of Title of a real estate property is a compilation of the property’s ownership history. Encompassing all transfers in the past, encumbrances, and any legal proceedings that have impacted title. An Abstract of Title document is vital for any potential buyers and lenders. Not only does it offer a comprehensive overview of the property’s title status, but it can also identify any associated risk for both the buyer and lender. It’s an important due diligence for the lender to identify any risks the buyer might have in fulfilling their requirements in paying off the mortgage loan. If there are any issues with seller’s right to the property, a title company or attorney can help identify them. Mortgage Insurance can help fund any legal defenses for any potential future claims after you close on the property.

Virginia Laws on Property & Conveyances: VA CODE Title 55.1

Virginia law governing both Property and Conveyances in the Commonwealth primarily falls under Title 55.1 of the Virginia Code.  Title 55.1 of VA Code under Subtitle II, Real Estate Settlements and Recordation explicitly outlines the requirements and procedures for the preparation and examination of title abstracts. Title 55.1 of the Virginia Code covers Property Conveyances under Subtitle 1, Real Estate Settlements and Recordation under Subtitle II, Rental Conveyances under Subtitle III, Common Interest Communities under Subtitle IV. and Miscellaneous under Subtitle V. A full breakdown of the complete VA Code Title 55.1 and links to the specific chapter of each Subtitle are below.

Subtitle I

Property Conveyances

• • Chapter 1 Creation and Limitation of Estates  (§§ 55.1-100 through 55.1-138)
  • Chapter 2 Property Rights of Married Persons  (§§ 55.1-200 through 55.1-210)
  • Chapter 3 Form and Effect of Deeds and Covenants; Liens  (§§ 55.1-300 through 55.1-363)
  • Chapter 4Fraudulent and Voluntary Conveyances; Writings Necessary to Be Recorded  (§§ 55.1-400 through 55.1-414)
  • Chapter 5 Commutation and Valuation of Certain Estates and Interests  (§§ 55.1-500 through 55.1-506)Chapter 5.1Foreign Entities and Property Ownership  (§§ 55.1-507 through 55.1-509)

Subtitle II.

Real Estate Settlements and Recordation

• • Chapter 6 Recordation of Documents  (§§ 55.1-600 through 55.1-666)
  • Chapter 7 Virginia Residential Property Disclosure Act  (§§ 55.1-700 through 55.1-714)
  • Chapter 8 Exchange Facilitators Act  (§§ 55.1-800 through 55.1-806)
  • Chapter 9 Real Estate Settlements  (§§ 55.1-900 through 55.1-907)
  • Chapter 10 Real Estate Settlement Agents  (§§ 55.1-1000 through 55.1-1016)
  • Chapter 11 Commercial Real Estate Broker’s Lien Act  (§§ 55.1-1100 through 55.1-1101)

Subtitle III.

Rental Conveyances

• • Chapter 12 Virginia Residential Landlord and Tenant Act  (§§ 55.1-1200 through 55.1-1262)
  • Chapter 13 Manufactured Home Lot Rental Act  (§§ 55.1-1300 through 55.1-1319)
  • Chapter 14 Nonresidential Tenancies  (§§ 55.1-1400 through 55.1-1428)
  • Chapter 15 Residential Ground Rent Act  (§§ 55.1-1500 through 55.1-1505)
  • Chapter 16 Leases  (§§ 55.1-1600 through 55.1-1605)
  • Chapter 17 Emblements  (§§ 55.1-1700 through 55.1-1703)

Subtitle IV.

Common Interest Communitites

• • Chapter 18 Property Owners’ Association Act  (§§ 55.1-1800 through 55.1-1837)
  • Chapter 19 Virginia Condominium Act  (§§ 55.1-1900 through 55.1-1990)
  • Chapter 20 Horizontal Property Act  (§§ 55.1-2000 through 55.1-2020)
  • Chapter 21 Virginia Real Estate Cooperative Act  (§§ 55.1-2100 through 55.1-2184)
  • Chapter 22 Virginia Real Estate Time-Share Act  (§§ 55.1-2200 through 55.1-2252)
  • Chapter 23 Subdivided Land Sales Act  (§§ 55.1-2300 through 55.1-2306)Chapter 23.1Resale Disclosure Act  (§§ 55.1-2307 through 55.1-2317)

Subtitle V.

Miscellaneous

• • Chapter 24 Escheats  (§§ 55.1-2400 through 55.1-2441)
  • Chapter 25 Virginia Disposition of Unclaimed Property Act  (§§ 55.1-2500 through 55.1-2545)
  • Chapter 26 Property Loaned to Museums  (§§ 55.1-2600 through 55.1-2607)Chapter 27Drift Property  (§§ 55.1-2700 through 55.1-2703)
  • Chapter 28Trespasses; Fences  (§§ 55.1-2800 through 55.1-2841)
  • Chapter 29 Virginia Self-Service Storage Act  (§§ 55.1-2900 through 55.1-2906)
  • Chapter 30 Residential Executory Real Estate Contracts Act  (§§ 55.1-3000 through 55.1-3003)
  • Chapter 31 Release of Specific Property from Judgment Liens  (§§ 55.1-3100 through 55.1-3104)