{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/55.1-315.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/55.1-315.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/55.1-315.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/55.1-315.html"}],"law_id":63325,"edition_id":1,"section_id":63325,"structure_id":14924,"section_number":"55.1-315","catch_line":"Effect of option; recording","history":"1989, c. 596, \u00a7 55-57.2; 2019, c. 712.","full_text":"A\n\nAny option to purchase real estate, and any memorandum, renewal, or extension of such option, shall be void as to (i) all purchasers for valuable consideration without notice who are not parties to such instrument and (ii) lien creditors, until such instrument is recorded in the county or city in which the property embraced in the option, memorandum, renewal, or extension is located.B\n\nNotwithstanding any rule of law or equity denominated “fettering,” “clogging the equity of redemption” or “claiming a collateral advantage” or any similar rule:1\n\nA party secured by a mortgage or deed of trust, without adversely affecting his security interest, may acquire from a borrower any direct or indirect present or future ownership interest in the collateral encumbered thereby, including rights to any income, proceeds, or increase in value derived from such collateral; and2\n\nAn option to acquire an interest in real estate granted to a party secured by a mortgage or deed of trust, other than an option granted to such party in connection with a mortgage loan as defined in § 6.2-1600, is effective according to its terms and takes priority as provided in subsection A if the right to exercise the option is not dependent upon the occurrence of a default under the mortgage or deed of trust.","order_by":null,"text":{"0":{"id":230743,"text":"Any option to purchase real estate, and any memorandum, renewal, or extension of such option, shall be void as to (i) all purchasers for valuable consideration without notice who are not parties to such instrument and (ii) lien creditors, until such instrument is recorded in the county or city in which the property embraced in the option, memorandum, renewal, or extension is located.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":230744,"text":"Notwithstanding any rule of law or equity denominated “fettering,” “clogging the equity of redemption” or “claiming a collateral advantage” or any similar rule:","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"B1"},"2":{"id":230745,"text":"A party secured by a mortgage or deed of trust, without adversely affecting his security interest, may acquire from a borrower any direct or indirect present or future ownership interest in the collateral encumbered thereby, including rights to any income, proceeds, or increase in value derived from such collateral; and","type":"section","prefixes":["B","1"],"prefix":"1","entire_prefix":"B1","prefix_anchor":"B1","level":2,"prior_prefix":"B","next_prefix":"B2"},"3":{"id":230746,"text":"An option to acquire an interest in real estate granted to a party secured by a mortgage or deed of trust, other than an option granted to such party in connection with a mortgage loan as defined in § 6.2-1600, is effective according to its terms and takes priority as provided in subsection A if the right to exercise the option is not dependent upon the occurrence of a default under the mortgage or deed of trust.","type":"section","prefixes":["B","2"],"prefix":"2","entire_prefix":"B2","prefix_anchor":"B2","level":2,"prior_prefix":"B1"}},"ancestry":[{"id":14924,"edition_id":1,"name":"Form and Effect of Deeds; Easements","identifier":"1","label":"article","depth":4,"order_by":1,"parent_id":13328,"metadata":{},"date_created":"2026-06-26 03:50:49","date_modified":"2026-06-26 03:50:49","permalink":{"id":244987,"object_type":"structure","relational_id":14924,"identifier":"1","token":"55.1\/I\/3\/1","url":"\/55.1\/I\/3\/1\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13328,"edition_id":1,"name":"Form and Effect of Deeds and Covenants; Liens","identifier":"3","label":"chapter","depth":3,"order_by":1,"parent_id":13327,"metadata":{},"date_created":"2026-06-26 03:44:39","date_modified":"2026-06-26 03:44:39","permalink":{"id":244985,"object_type":"structure","relational_id":13328,"identifier":"3","token":"55.1\/I\/3","url":"\/55.1\/I\/3\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13327,"edition_id":1,"name":"Property Conveyances","identifier":"I","label":"subtitle","depth":2,"order_by":1,"parent_id":12707,"metadata":{},"date_created":"2026-06-26 03:44:39","date_modified":"2026-06-26 03:44:39","permalink":{"id":244771,"object_type":"structure","relational_id":13327,"identifier":"I","token":"55.1\/I","url":"\/55.1\/I\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12707,"edition_id":1,"name":"Property and Conveyances","identifier":"55.1","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:43:49","date_modified":"2026-06-26 03:43:49","permalink":{"id":244769,"object_type":"structure","relational_id":12707,"identifier":"55.1","token":"55.1","url":"\/55.1\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":86226,"structure_id":14924,"section_number":"55.1-300","catch_line":"Form of a deed","url":"\/55.1-300\/","token":"55.1\/I\/3\/1\/55.1-300","metadata":false},{"id":59550,"structure_id":14924,"section_number":"55.1-300.1","catch_line":"Certificate of Release of Certain Prohibited Covenants","url":"\/55.1-300.1\/","token":"55.1\/I\/3\/1\/55.1-300.1","metadata":false},{"id":64737,"structure_id":14924,"section_number":"55.1-301","catch_line":"How construed","url":"\/55.1-301\/","token":"55.1\/I\/3\/1\/55.1-301","metadata":false},{"id":66995,"structure_id":14924,"section_number":"55.1-302","catch_line":"Construction of generic terms","url":"\/55.1-302\/","token":"55.1\/I\/3\/1\/55.1-302","metadata":false},{"id":62749,"structure_id":14924,"section_number":"55.1-303","catch_line":"Appurtenances, etc., included in deed of land","url":"\/55.1-303\/","token":"55.1\/I\/3\/1\/55.1-303","metadata":false},{"id":72226,"structure_id":14924,"section_number":"55.1-304","catch_line":"Relocation of easement","url":"\/55.1-304\/","token":"55.1\/I\/3\/1\/55.1-304","metadata":false},{"id":81555,"structure_id":14924,"section_number":"55.1-305","catch_line":"Enjoyment of easement","url":"\/55.1-305\/","token":"55.1\/I\/3\/1\/55.1-305","metadata":false},{"id":82803,"structure_id":14924,"section_number":"55.1-306","catch_line":"Utility easements","url":"\/55.1-306\/","token":"55.1\/I\/3\/1\/55.1-306","metadata":false},{"id":82086,"structure_id":14924,"section_number":"55.1-306.1","catch_line":"Utility easements; expansion of broadband","url":"\/55.1-306.1\/","token":"55.1\/I\/3\/1\/55.1-306.1","metadata":false},{"id":69657,"structure_id":14924,"section_number":"55.1-307","catch_line":"Public road easements; maintenance and improvements","url":"\/55.1-307\/","token":"55.1\/I\/3\/1\/55.1-307","metadata":false},{"id":70421,"structure_id":14924,"section_number":"55.1-308","catch_line":"Private roads; public use; maintenance and improvements","url":"\/55.1-308\/","token":"55.1\/I\/3\/1\/55.1-308","metadata":false},{"id":56959,"structure_id":14924,"section_number":"55.1-309","catch_line":"Deeds good between parties","url":"\/55.1-309\/","token":"55.1\/I\/3\/1\/55.1-309","metadata":false},{"id":62471,"structure_id":14924,"section_number":"55.1-310","catch_line":"Conveyance of property not owned but subsequently acquired","url":"\/55.1-310\/","token":"55.1\/I\/3\/1\/55.1-310","metadata":false},{"id":74504,"structure_id":14924,"section_number":"55.1-311","catch_line":"Vendor's equitable lien abolished","url":"\/55.1-311\/","token":"55.1\/I\/3\/1\/55.1-311","metadata":false},{"id":64774,"structure_id":14924,"section_number":"55.1-312","catch_line":"Certain deeds to county real estate validated","url":"\/55.1-312\/","token":"55.1\/I\/3\/1\/55.1-312","metadata":false},{"id":65683,"structure_id":14924,"section_number":"55.1-313","catch_line":"Validation of sales, etc., by county courts prior to 1860","url":"\/55.1-313\/","token":"55.1\/I\/3\/1\/55.1-313","metadata":false},{"id":59605,"structure_id":14924,"section_number":"55.1-314","catch_line":"Deeds and writings executed for persons in military service, etc., under defective powers","url":"\/55.1-314\/","token":"55.1\/I\/3\/1\/55.1-314","metadata":false},{"id":63325,"structure_id":14924,"section_number":"55.1-315","catch_line":"Effect of option; recording","url":"\/55.1-315\/","token":"55.1\/I\/3\/1\/55.1-315","metadata":false}],"previous_section":{"id":59605,"structure_id":14924,"section_number":"55.1-314","catch_line":"Deeds and writings executed for persons in military service, etc., under defective powers","url":"\/55.1-314\/","token":"55.1\/I\/3\/1\/55.1-314","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/55.1-315\/","history_text":"

This law was first created in 1989. The record of its establishment is cataloged in chapter 596 of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year. Unfortunately, the 1989 \u201cActs\u201d aren\u2019t available online. It has been modified 1 time. Those modifications are cataloged by \u201cThe Acts of Assembly,\u201d a state publication, by year and chapter. Those modifications that can be read on the General Assembly\u2019s website will be linked accordingly. That modification is as follows: in 2019, chapter 712<\/a>.<\/p>","references":false,"refers_to":[{"id":71155,"section_number":"6.2-1600","catch_line":"Definitions","order_by":null,"url":"\/6.2-1600\/"}],"permalink":{"id":245057,"object_type":"law","relational_id":63325,"identifier":"55.1-315","token":"55.1\/I\/3\/1\/55.1-315","url":"\/55.1-315\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/55.1-315\/","token":"55.1\/I\/3\/1\/55.1-315","dublin_core":{"Title":"Effect of option; recording","Type":"Text","Format":"text\/html","Identifier":"\u00a7 55.1-315","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> Any option to purchase real estate, and any memorandum<\/span>, renewal, or extension of such option, shall be void as to (i) all purchasers for valuable consideration without notice who are not parties to such instrument and (ii) lien<\/span> creditors<\/span>, until such instrument is recorded in the county or city in which the property embraced in the option, memorandum<\/span>, renewal, or extension is located. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> Notwithstanding any rule of law<\/span> or equity<\/span> denominated “fettering,” “clogging the equity<\/span> of redemption<\/span>” or “claiming a collateral<\/span> advantage” or any similar rule: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> A party<\/span> secured by a mortgage or deed of trust, without adversely affecting his security interest, may acquire from a borrower any direct or indirect present or future ownership interest in the collateral<\/span> encumbered thereby, including rights to any income, proceeds, or increase in value derived from such collateral<\/span>; and <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> An option to acquire an interest in real estate granted to a party<\/span> secured by a mortgage or deed of trust, other than an option granted to such party<\/span> in connection with a mortgage loan as defined in § 6.2-1600<\/a>, is effective according to its terms and takes priority as provided in subsection A if the right to exercise the option is not dependent upon the occurrence of a default<\/span> under the mortgage or deed of trust. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nEFFECT OF OPTION; RECORDING (\u00a7 55.1-315)\n\nA. Any option to purchase real estate, and any memorandum, renewal, or extension\nof such option, shall be void as to (i) all purchasers for valuable\nconsideration without notice who are not parties to such instrument and (ii)\nlien creditors, until such instrument is recorded in the county or city in which\nthe property embraced in the option, memorandum, renewal, or extension is\nlocated.\n\nB. Notwithstanding any rule of law or equity denominated\n“fettering,” “clogging the equity of redemption” or\n“claiming a collateral advantage” or any similar rule:\n\n 1. A party secured by a mortgage or deed of trust, without adversely affecting\n his security interest, may acquire from a borrower any direct or indirect\n present or future ownership interest in the collateral encumbered thereby,\n including rights to any income, proceeds, or increase in value derived from\n such collateral; and\n\n 2. An option to acquire an interest in real estate granted to a party secured\n by a mortgage or deed of trust, other than an option granted to such party in\n connection with a mortgage loan as defined in § 6.2-1600, is effective\n according to its terms and takes priority as provided in subsection A if the\n right to exercise the option is not dependent upon the occurrence of a default\n under the mortgage or deed of trust.\n\nHISTORY: 1989, c. 596, \u00a7 55-57.2; 2019, c. 712.","edition":{"id":1,"name":"2025","slug":"2025","date_created":"2026-06-21 22:39:22","date_modified":"2026-06-21 22:39:22","current":1,"order_by":1,"last_import":null}}