Transfer of Title, Deeds, Recording, and Settlement
Deeds and covenants
Know the deed ladder: general warranty (grantor warrants the entire chain of title), special warranty (warrants only against defects arising during the grantor's ownership), bargain and sale, and quitclaim (no warranties at all). The general warranty covenants are seisin, right to convey, freedom from encumbrances, quiet enjoyment, warranty, and further assurances.
Valid deed and recording
A deed must be in writing, identify grantor and grantee, contain words of conveyance, describe the property, be signed by the grantor, and be acknowledged (notarized) to be recorded. Delivery with intent to convey and acceptance complete the transfer. Recording occurs in the circuit court clerk's office for the locality where the land sits. Virginia's recording statute protects subsequent purchasers for value without notice who record-so order of recording and notice both matter.
Settlement money and rules
Federal disclosure rules require the Closing Disclosure at least three business days before consummation. Virginia imposes a grantor tax and a recordation tax, commonly figured at $1 per $1,000 of consideration, with additional local fees in some localities. Title insurance comes in owner's and lender's policies.
Traps
Confusing special warranty with general warranty; believing recording cures a forged deed; forgetting acknowledgment is required for recordation but not for validity between the parties; mixing up grantor and grantee tax responsibility.
Rule of thumb
Signature makes it valid; acknowledgment makes it recordable; recording makes it protected against later buyers.