Transfer-on-Death Deed

TRANSFER-ON-DEATH DEED

COMMONWEALTH OF VIRGINIA

TABLE OF CONTENTS

1. Instructions and Important Information
2. Transfer-on-Death Deed Form
3. Acknowledgment
4. Revocation Form
5. Post-Death Recording Requirements
6. Guidance Notes
7. Sources and References

1. INSTRUCTIONS AND IMPORTANT INFORMATION {#1-instructions}

Key Legal Requirements

☐ The deed must contain the essential elements and formalities of a properly recordable inter vivos deed
☐ The deed must state that the transfer to the designated beneficiary occurs at the transferor's death
☐ The deed must be recorded in the land records of the Clerk's Office of the Circuit Court before the transferor's death
☐ The deed must be acknowledged (notarized) before a notary public
☐ No delivery, acceptance, or consideration is required

Important Notices

• This deed is revocable at any time during the transferor's lifetime.
• This deed does not transfer any present interest to the beneficiary until the transferor's death.
• The beneficiary's interest is contingent on surviving the transferor.
• The beneficiary takes the property subject to all existing conveyances, encumbrances, mortgages, and liens.
• Virginia recognizes cooperative interests within the definition of transferable property.
• This deed is exempt from recordation taxes under Va. Code § 58.1-811(J).

2. TRANSFER-ON-DEATH DEED FORM {#2-deed-form}

TRANSFER-ON-DEATH DEED

Exempt from recordation taxes pursuant to Va. Code § 58.1-811(J)

Return After Recording To:
[________________________________]
[________________________________]
[________________________________]

Prepared By:
[________________________________]
[________________________________]

Tax Map Reference No.: [________________________________]

Consideration: None (nontestamentary transfer)

TRANSFER-ON-DEATH DEED

I (We), [TRANSFEROR FULL LEGAL NAME(S)] ("Transferor(s)"), of [________________________________] (address), [________________________________] (city/county), Commonwealth of Virginia, being the owner(s) of the real property described below, hereby make this Transfer-on-Death Deed pursuant to Va. Code §§ 64.2-621 to 64.2-638 (Uniform Real Property Transfer on Death Act).

Property Description

The real property subject to this Transfer-on-Death Deed is located in the [City/County] of [________________________________], Commonwealth of Virginia, and is legally described as follows:

[________________________________]
[________________________________]
[________________________________]
[________________________________]

Common Address (if applicable): [________________________________]

Tax Map/Parcel ID Number: [________________________________]

Beneficiary Designation

THE FOLLOWING BENEFICIARY DESIGNATION IS EFFECTIVE ONLY UPON THE DEATH OF THE TRANSFEROR(S) AND ONLY IF THIS DEED IS RECORDED BEFORE THE TRANSFEROR'S DEATH.

I (We) designate the following beneficiary(ies) to receive the described property upon my (our) death:

Primary Beneficiary(ies):

Alternate/Successor Beneficiary(ies) (if any primary beneficiary does not survive transferor):

Ownership Status of Transferor(s)

☐ Sole owner
☐ Husband and wife as tenants by the entirety
☐ Joint tenants with right of survivorship
☐ Tenants in common (each tenant may execute a separate TOD deed for their interest)

Reservation of Rights

The Transferor(s) reserve(s) all rights during his/her/their lifetime, including but not limited to:

• The right to revoke this deed at any time
• The right to sell, encumber, lease, or otherwise dispose of the property
• The right to exclusive possession, use, and benefit of the property
• All other rights incident to ownership of the property

This deed does not transfer any present interest to the beneficiary(ies). No legal or equitable interest passes to the beneficiary(ies) until the death of the Transferor(s).

Execution

IN WITNESS WHEREOF, the undersigned Transferor(s) have executed this Transfer-on-Death Deed on this [____] day of [________________], 20[____].

_________________________________________
[TRANSFEROR NAME - Print]
Signature


_________________________________________
[TRANSFEROR NAME - Print]
Signature

3. ACKNOWLEDGMENT {#3-acknowledgment}

COMMONWEALTH OF VIRGINIA
[CITY/COUNTY] OF [________________________________]

On this [____] day of [________________], 20[____], before me, the undersigned notary public, personally appeared [________________________________], known to me (or proved to me on the basis of satisfactory evidence) to be the person(s) whose name(s) is/are subscribed to the within instrument, and acknowledged to me that he/she/they executed the same for the purposes therein contained.

_________________________________________
Notary Public
Registration Number: [________________________________]
My Commission Expires: [__/__/____]

[NOTARY SEAL]

4. REVOCATION FORM {#4-revocation}

REVOCATION OF TRANSFER-ON-DEATH DEED

Exempt from recordation taxes pursuant to Va. Code § 58.1-811(J)

I (We), [TRANSFEROR FULL LEGAL NAME(S)], hereby revoke the Transfer-on-Death Deed recorded on [__/__/____], as Instrument Number [________________________________] / Deed Book [________________________________], Page [________________________________], in the land records of the Clerk's Office of the Circuit Court of [________________________________], Virginia, which designated [BENEFICIARY NAME(S)] as beneficiary(ies) of the following real property:

[________________________________]
[________________________________]
[________________________________]

This revocation is made pursuant to Va. Code § 64.2-630.

Executed this [____] day of [________________], 20[____].

_________________________________________
[TRANSFEROR NAME - Print]
Signature

ACKNOWLEDGMENT

COMMONWEALTH OF VIRGINIA
[CITY/COUNTY] OF [________________________________]

On this [____] day of [________________], 20[____], before me personally appeared [________________________________], known to me to be the person(s) who executed the foregoing instrument, and acknowledged that he/she/they executed the same.

_________________________________________
Notary Public
Registration Number: [________________________________]
My Commission Expires: [__/__/____]

[NOTARY SEAL]

5. POST-DEATH RECORDING REQUIREMENTS {#5-post-death}

After the transferor's death, the beneficiary should take the following steps to establish the chain of title:

☐ Obtain a certified copy of the transferor's death certificate
☐ Record the certified death certificate in the land records of the Clerk's Office of the Circuit Court where the property is located
☐ If applicable, record an affidavit confirming the beneficiary survived the transferor
☐ Update property tax records with the local Commissioner of the Revenue or assessor's office
☐ Consult a title company or attorney to confirm clear title

6. GUIDANCE NOTES {#6-guidance}

Recordation Tax Exemption

Transfer-on-death deeds and revocations are exempt from Virginia recordation taxes under Va. Code § 58.1-811(J). Be sure to cite this exemption on the face of the deed when recording.

Cooperative Interests

Virginia's Act includes cooperative interests within the definition of property that may be transferred by a TOD deed.

Tenancy by the Entirety

If husband and wife hold property as tenants by the entirety, both spouses should join in the TOD deed. The deed is effective only upon the death of the surviving spouse.

Creditor Claims

Beneficiaries take property subject to existing encumbrances and creditor claims. Virginia law permits creditors to pursue claims against transferred property under certain circumstances.

Virginia-Specific Recording

Virginia uses an independent-cities system. Property may be located in a county or an independent city. Ensure the deed is recorded in the correct jurisdiction's Circuit Court Clerk's Office.

Tax Implications

• Beneficiaries generally receive a stepped-up basis at the transferor's death.
• Virginia does not impose a state estate tax (repealed effective July 1, 2007).
• Consult a tax professional regarding federal estate tax and capital gains implications.

7. SOURCES AND REFERENCES {#7-sources}

• Va. Code §§ 64.2-621 to 64.2-638 (Uniform Real Property Transfer on Death Act)
• Va. Code § 64.2-635 (Optional Statutory Form)
• Va. Code § 64.2-630 (Revocation Methods)
• Va. Code § 64.2-632 (Effect at Transferor's Death)
• Va. Code § 58.1-811(J) (Recordation Tax Exemption)

This template is provided for informational purposes only and does not constitute legal advice. Consult a licensed Virginia attorney before executing this deed.