Gifts of real estate; requirements.
The impact of SB19 on state laws revolves around the formalities involved in property transactions. By mandating that a certified copy of the original deed be present at the time of recording, the state is enhancing due diligence in verifying ownership claims. This may prevent potential disputes regarding property ownership and streamline the process of confirming real estate titles. Additionally, this legislative change could lead to more organized record-keeping practices within local clerks' offices.
SB19 proposes an amendment to the Code of Virginia that specifically addresses the recording of deeds of gift that convey real estate. The bill stipulates that no clerk is permitted to record such a deed unless it is accompanied by a certified copy of the existing deed. This requirement is intended to ensure clarity regarding the ownership of the property being transferred, thus reinforcing proper documentation in real estate transactions.
While the bill may primarily aim to reinforce orderly property transactions, it could potentially raise concerns among those involved in real estate transactions. Some parties may argue that the added requirement could complicate the gifting process, particularly for individuals who wish to transfer ownership informally or quickly. Thus, the balance between preventing fraud and ensuring ease of transaction could be a point of contention for stakeholders involved.
SB19 faced a vote on January 26, 2022, where it was stricken at the request of the patron with a 13 to 0 vote in the Senate judiciary committee, indicating unanimous support among those present at the time of the vote, though the lack of further action suggests that there may have been concerns regarding its implementation or necessity.