Virginia - Buena Vista City Deed of Trust and Promissory Note Forms

All Buena Vista City specific forms and documents listed below are included in your immediate download package:

Deed of Trust Form - Buena Vista City

Fill in the blank form formatted to comply with all recording and content requirements.
Included document last updated 11/16/2021

Deed of Trust Guidelines - Buena Vista City

Line by line guide explaining every blank on the form.
Included document last updated 11/25/2021

Completed Example of the Deed of Trust - Buena Vista City

Example of a properly completed form for reference.
Included document last updated 2/26/2021

Promissory Note Form - Buena Vista City

Note that is secured by the Deed of Trust.
Included document last updated 10/21/2021

Promissory Note Guidelines - Buena Vista City

Line by line guide explaining every blank on the form.
Included document last updated 10/20/2021

Completed Example of the Promissory Note Document - Buena Vista City

Example of a properly completed form for reference.
Included document last updated 10/19/2021

Subordination Agreements - Buena Vista City

Used to place priority on claim of debt. Included are 4 clauses for unique situations. If needed, add to Deed of Trust as an addendum or rider.
Included document last updated 3/12/2021

Annual Accounting Statement - Buena Vista City

Mail to borrower for fiscal year reporting. (A request for payoff information under this section may be made one time within a 12-month period without charge) (6.2-418)
Included document last updated 3/3/2021

Included Supplemental Documents

The Following Virginia and Buena Vista City supplemental forms are included as a courtesy with your order.

Certificate of Transfer Form (Virginia Document)

Virginia Land Record Cover Sheet - Information (Virginia Document)

VA Circuit Court Deed Fee Schedule (Virginia Document)

Certificate of Acknowledgment (Virginia Document)

Jurat (Virginia Document)

Frequently Asked Questions:

• How long does it take to get my forms?
  • Forms are available immediately after submitting payment.
• What are supplemental forms?
  • Often when a deed is recorded additional documents are required by the state or local jurisdiction. These could be tax related, informational, or even as simple as a coversheet. Supplemental forms are provided for free with your order where available.
• How do I get my forms, are they emailed?
  • After you submit payment you will see a page listing the forms you ordered with a download link to the pdf form file. You download the forms to your computer. You will also receive an email with a link to your download page in case you need it later.
• What type of files are the forms?
  • All of our forms are PDFs. You will need to have or get Adobe Reader to use our forms. Adobe Reader is free software that most computers already have installed.
• Can the forms be re-used?
  • Yes. You can re-use the forms for your personal use. For example, if you have more than one property in a given county that you need to transfer you would only need to order our forms once for all of your properties in that county.
• Are these forms guaranteed to be recordable in Buena Vista City ?
  • Yes. Our form blanks are guaranteed to meet or exceed all formatting requirements set forth by Buena Vista City including margin requirements, content requirements, font and font size requirements.
• Do I have to enter all of my property information online?
  • No. The blank forms are downloaded to your computer and you fill them out there, at your convenience.
• Can I save the completed form, email it to someone?
  • Yes, you can save your deed form at any point with your information in it. The forms can also be emailed, blank or complete, as attachments.
• Do I need any special software to use these forms?
  • You will need to have Adobe Reader installed on your computer to use our forms. Adobe Reader is free software that most computers already have installed.
• Are there any recurring fees involved?
  • No. Nothing to cancel, no memberships, no recurring fees.

Areas covered by these Deed of Trust and Promissory Note Forms:

• Buena Vista City

Including:

• Buena Vista

What is the Virginia Deed of Trust and Promissory Note?

A Deed of Trust (DOT), is a document that conveys title to real property to a trustee as security for a loan until the grantor (borrower) repays the lender according to terms defined in an attached promissory note. It's similar to a mortgage but differs in that mortgages only include two parties (borrower and lender).
In the Commonwealth of Virginia, a Deed of Trust is the most commonly used instrument to secure a loan. Foreclosure can be done non-judicially, saving time and expense. This process is called a Trustee Sale.
There are three parties in this Deed of Trust:
1- The Grantor (Borrower)
2- Beneficiary (Lender) and a
3- Trustee (Neutral Third Party) (Our guidelines will show how to choose a Trustee at little to no cost)
Basic Concept. The Trustor (Borrower) conveys property title to a Trustee (Neutral Party). A Trustee or beneficiary/Lender can take an action against any person for damages.

Due on Sale Clause: It allows the lender to call or modify the loan if the borrower conveys/sells the property. ("Notice - The debt secured hereby is subject to call in full or the terms thereof being modified in the event of sale or conveyance of the property conveyed.") Required format where (any loan is secured by a mortgage or deed of trust on real property comprised of one- to four-family residential dwelling units.) (VA. Revised Statutes 6.2-417)

These forms are flexible, they can be used for financing residential property, agricultural property, rental property, condominiums, and or small office buildings, with or without existing liens and encumbrances.

A "Special Provisions" section is included for any information specific to your transaction.

The Promissory Note offers options of financing, conventional installments, or installments combined with a balloon payment, common with Owner Financing transactions. Late Charges and Default rates are set within.
(Any lender or seller may impose a late charge for failure to make timely payment of any installment due on a debt, whether installment or single maturity, provided that such late charge does not exceed five percent of the amount of such installment payment and that the charge is specified in the contract between the lender or seller and the debtor.) (6.2-400 (B))

In addition to any other remedies available to Lender if this Note is not paid in full at the Maturity Date, Borrowers shall pay to Lender an Overdue Loan Fee, which fee shall be due at the time this Note is otherwise paid in full. The "Overdue Loan Fee" shall be determined based upon the outstanding principal balance of this Note as of the Maturity Date and shall be:
(a) one percent (1.0%) Of such principal balance if the Note is paid in full on or after thirty (30) days after the Maturity Date but less than sixty (60) days after the Maturity Date, or
(b) two percent (2.0%) of such principal balance if the Note is paid in full on or after sixty (60) days after the Maturity Date.

A Deed of Trust secured by a Promissory Note that includes stringent default terms, can be advantageous to the Lender and favorable to Owner Financing.

For use in the Commonwealth of Virginia only.

Save Time and Money

Get your Buena Vista City Deed of Trust and Promissory Note form done right the first time with Deeds.com Uniform Conveyancing Blanks. At Deeds.com, we understand that your time and money are valuable resources, and we don't want you to face a penalty fee or rejection imposed by a county recorder for submitting nonstandard documents. We constantly review and update our forms to meet rapidly changing state and county recording requirements for roughly 3,500 counties and local jurisdictions.

Our Promise

The documents you receive here will meet, or exceed, the Buena Vista City recording requirements for formatting. If there's an issue caused by our formatting, we'll make it right and refund your payment.

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November 24th, 2021

Name: Walter K.

Review: Works ok but could have more specific information. My wife and I both own the Quit Claim property, should we both sign as Grantors?

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November 23rd, 2021

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