Virginia Code 25.1-308: Effect of recordation of certificate; transfer of title or interest in property
A. Upon recordation of a certificate:
Terms Used In Virginia Code 25.1-308
- Authorized condemnor: means a condemnor that is specifically authorized by law to acquire property through the use of the procedure set forth in this chapter. See Virginia Code 25.1-300
- Certificate: includes a certificate of deposit and a certificate of take. See Virginia Code 25.1-300
- Certificate of deposit: means a certificate filed by an authorized condemnor with the court wherein condemnation proceedings are pending or are to be instituted, stating that any sum or sums designated therein shall be paid pursuant to the order of the court, and which is filed in lieu of the payment of funds into court as provided in subdivision A 2 of § 25. See Virginia Code 25.1-300
- Certificate of take: means a certificate recorded by an authorized condemnor with the court wherein condemnation proceedings are pending or are to be instituted, in connection with which the authorized condemnor has deposited funds with the court as provided in subdivision A 1 of § 25. See Virginia Code 25.1-300
- condemnor: includes a state agency. See Virginia Code 25.1-100
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Owner: means any person who owns property, provided that the person's ownership of the property is of record in the land records of the clerk's office of the circuit court of the county or city where the property is located. See Virginia Code 25.1-100
- Property: means land and personal property, and any right, title, interest, estate or claim in or to such property. See Virginia Code 25.1-100
1. The interest or estate of the owner of the property described therein shall terminate;
2. The title to such property shall be vested in the authorized condemnor;
3. The owner shall have such interest or estate in the funds deposited with the court or represented by the certificate of deposit as the owner had in the property taken or damaged; and
4. All liens by deed of trust, judgment or otherwise upon such property shall be transferred to such funds.
B. The title in the authorized condemnor shall be defeasible until (i) the authorized condemnor and such owner reach an agreement as provided in § 25.1-317, or (ii) the compensation for the taking or damage to the property is determined by condemnation proceedings as provided in § 25.1-313.
C. If funds have been deposited with the court under a certificate of take, the clerk shall deposit the funds so paid to the credit of the court in an account of a type that bears interest.