As part of updates made to the Uniform Instruments, Fannie Mae announced on February 1, 2023, that the model form for the Virginia Deed of Trust (Form 3047) was revised to remove the consideration amount and property value information from the first paragraph of the form above the “Definitions” Section on page one. The language was previously added to the updated 07/2021 version of the Virginia Deed of Trust. Fannie Mae and Freddie Mac posted a statement that the language was removed to “enable Lender flexibility when complying with Virginia recording requirements.”
Prior to the release of the new uniform instrument, DocMagic included the “Amount of Consideration” and “Property Value” above the space for recording data at the top of page 1 based on Virginia recording requirements which state under VA Code Ann. § 58.1-802 that:
“No such deed, instrument, or other writing shall be admitted to record unless (i) the amount of 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.”
On February 16, 2023, DocMagic updated the Virginia Deed of Trust documents to match the model language and added back the “Amount of Consideration” and “Property Value” to the recording space. The Virginia conventional security instruments (Form IDs: VA3047.DOT and VA3047.MZD) now have a revision date of (Form 3047 07/2021 (rev. 02/23)).
