On February 1, 2023, Fannie Mae announced that the Model Form for the Virginia Deed of Trust (Form 3047) has been revised to remove the consideration amount and property value information above the “Definitions” section of the security instrument.
According to Fannie Mae’s Selling + Servicing News email: “This revision allows lenders flexibility when complying with applicable Virginia recording requirements.”
Even though Fannie Mae is allowing for the consideration amount to be removed from the “Definitions” section, VA Code Ann. § 58.1-802 states:
“No such deed, instrument, or other writing shall be admitted to record unless (i) the amount of the consideration is stated on the first page of the document to be admitted to record and (ii) certification of the clerk of the court wherein first recorded has been affixed thereto that the tax imposed by this section has been paid. The clerk shall include within the certificate the amount of such tax collected thereon.”
More often than not, the consideration amount found in Paragraph D of the “Definitions” section prints on the second page of the security instrument rather than on the first page. Because this would be in violation of VA Code Ann. § 58.1-802, Docutech has inserted directly above the “Space Above This Line For Recording Data” the following sentence:
“The amount of consideration for Virginia recording tax purposes is $________.”
This change will appear on the following documents:
These changes will take effect on March 7, 2023. If you have any questions or concerns, please contact Client Support at 1.800.497.3584.
LEG-781
DR-139979