Virginia Senate Bill 999 (http://leg1.state.va.us/cgi-bin/legp504.exe?151+ful+CHAP0434) was enacted on March 23, 2015 and became effective on July 1, 2015. Va. SB 999 renumbers Section 58.1-803(D) of the Code of Virginia to Section 58.1-803(E). Because of this section renumbering, the refinance notice on Virginia Deeds of Trust will have the citation modified as follows:
“The purpose of this Deed of Trust is to refinance the terms of an existing debt, making this Deed of Trust partially exempt from recordation tax pursuant to Va. Code Ann. § 58.1-803(E). The original Deed of Trust being refinanced is recorded in Book _____, Page _____, or Instrument No. _____.”
This citation change will take effect immediately. If you have any questions or concerns about this change, please contact Client Support at 1.800.497.3584.
July 28, 2015