[VA] How do I use a quitclaim deed to transfer a property into a trust?
My mortgage company requests a draft of a quitclaim deed since we are transferring our home to our family trust. What does "draft" mean in this instance?
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Thank you for choosing AskaLawyer! My name is Jessica, and I am a licensed attorney assisting you with your question. The mortgage company is asking to see the quitclaim deed to review it before it is executed and recorded with the circuit court in your county (§ 17.1-227). They are asking to see the quitclaim deed draft — meaning a prepared, but unsigned and unrecorded, version — to review before finalization. They want it only drafted and not signed.
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My mortgage company requests a draft of a quitclaim deed since we are transferring our home to our family trust. What does "draft" mean in this instance?
Lexi, Chatbot
I understand your situation. Have you received any specific instructions or requirements from your mortgage company regarding the deed draft?
So far, the company has just provided a form to transfer property to a revocable trust, which asks for a draft quitclaim deed.
Lexi, Chatbot
Are you familiar with the process of transferring property to a trust, or would you like more information on how that typically works?
We have the trust document with the beneficiary designation explicitly stated.
Lexi, Chatbot
Is there anything else the real estate lawyer should know before I connect you?
It would be wonderful to have the steps to this process in order.
Jessica B
Thank you for choosing AskaLawyer! My name is Jessica, and I am a licensed attorney assisting you with your question. The mortgage company is asking to see the quitclaim deed to review it before it is executed and recorded with the circuit court in your county (§ 17.1-227). They are asking to see the quitclaim deed draft — meaning a prepared, but unsigned and unrecorded, version — to review before finalization. They want it only drafted and not signed.
Jessica B
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