Virginia - Salem County Deed of Trust and Promissory Note Forms

Name: Deed of Trust and Promissory Note
Brand: Deeds.com
Rating: 4.8 (3126 reviews)

All Salem County specific forms and documents listed below are included in your immediate download package:

Deed of Trust Form - Salem County

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

Salem County Deed of Trust Guidelines Page 1

Deed of Trust Guidelines - Salem County

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

Salem County Completed Example of the Deed of Trust Page 1

Completed Example of the Deed of Trust - Salem County

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

Salem County Promissory Note Form Page 1

Promissory Note Form - Salem County

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

Salem County Promissory Note Guidelines Page 1

Promissory Note Guidelines - Salem County

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

Salem County Completed Example of the Promissory Note Document Page 1

Completed Example of the Promissory Note Document - Salem County

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

Salem County Subordination Agreements Page 1

Subordination Agreements - Salem County

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

Salem County Annual Accounting Statement Page 1

Annual Accounting Statement - Salem County

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 Salem County 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 Salem County ?
- Yes. Our form blanks are guaranteed to meet or exceed all formatting requirements set forth by Salem County 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:

Salem County

Including:

Roanoke
Salem

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 Salem County 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 Salem County recording requirements for formatting. If there's an issue caused by our formatting, we'll make it right and refund your payment.

Customer Reviews:

4.8 out of 5 (3126 Reviews)

December 2nd, 2021

Name: Robert H.

Review: I was surprised that how comprehensive your website is. I quickly found what I was looking for, and it was just what I needed.

Reply from Staff on December 2nd, 2021

Thank you!

December 2nd, 2021

Name: Terry M.

Review: Application is not well laid out. I guess it does the job but leaves a lot to be desired. Hard to follow

Reply from Staff on December 2nd, 2021

Thank you for your feedback. We really appreciate it. Have a great day!

December 2nd, 2021

Name: Kathy O.

Review: I was so happy to be able to print the Quit Claim Deed form and learn about other forms. Very pleased with this service! Took the stress out of preparing needed deeds for notirization for our Trust. Very grateful. Thank you. Kathy

Reply from Staff on December 2nd, 2021

We appreciate your business and value your feedback. Thank you. Have a wonderful day!

December 2nd, 2021

Name: Mary Z.

Review: Awesome forms, easy to complete and print.

Reply from Staff on December 2nd, 2021

Thank you!

December 2nd, 2021

Name: CEDRIC D.

Review: need more instructions for each form

Reply from Staff on December 2nd, 2021

Thank you for your feedback. We really appreciate it. Have a great day!

December 1st, 2021

Name: Sheryl L.

Review: EZ to use program....was able to print all forms ordered. I expect to go back to to use recording ability. Instructions are easily followed...would be nice to have confirmation included but they are available to purchase. Hope for successful recording of TOD affidavit. Pretty good value...attorney quoted well over the price I paid for package.