Bill
Bill > SB715
summary
Introduced
01/14/2026
01/14/2026
In Committee
02/02/2026
02/02/2026
Crossed Over
Passed
Dead
Introduced Session
2026 Regular Regular Session
Bill Summary
Land records; certain financing statements; recording and indexing fees. Sets forth the fees that a clerk of the circuit court shall charge for recording and indexing a multipurpose deed of trust or mortgage, described in the bill as a deed of trust or mortgage, whether or not commercial, that serves multiple purposes and contains two or more components that may serve as independent legal instruments for independent legal purposes. The bill provides that no clerk of a circuit court shall assess separate recording and indexing fees for such multipurpose deed of trust or mortgage unless the person presenting such document or instruments requests that such document or instruments be recorded and indexed in more than a single instance. The bill also provides that no recordation tax shall be required of a quitclaim deed or deed to correct a fraudulently recorded deed, including a deed of trust, between a grantor and grantee when no consideration has passed between the parties.
AI Summary
This bill modifies the fees and requirements for recording certain land documents. Specifically, it clarifies that clerks of circuit courts should not charge separate recording and indexing fees for a "multipurpose deed of trust or mortgage" – a document that serves multiple legal purposes and contains two or more components that could function as independent legal instruments – unless the filer explicitly requests multiple recordings and indexings. The bill also exempts quitclaim deeds and deeds correcting fraudulently recorded deeds, including deeds of trust, from recordation taxes when no money or other consideration has been exchanged between the parties. This aims to streamline the recording process and reduce unnecessary fees for certain types of property transfers.
Committee Categories
Budget and Finance, Justice
Sponsors (1)
Last Action
Continued to next session in Finance and Appropriations (15-Y 0-N) (on 02/10/2026)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://lis.virginia.gov/bill-details/20261/SB715 |
| BillText | https://lis.virginia.gov/bill-details/20261/SB715/text/SB715 |
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