                                 CODE OF VIRGINIA

EFFECT OF TRANSFER ON DEATH DEED AT TRANSFEROR&#8217;S DEATH (§ 64.2-632)

A. Except as otherwise provided in the transfer on death deed, in this section,
in § 64.2-302 or Article 1.1 (§ 64.2-308.1 et seq.) of Chapter 3, as
applicable, or in Chapter 22 (§ 64.2-2200 et seq.) or 25 (§ 64.2-2500 et
seq.), on the death of the transferor, the following rules apply to property
that is the subject of a transfer on death deed and owned by the transferor at
death:

   1. Subject to subdivision 2, the interest in the property is transferred to
   and vests in the designated beneficiary at the death of the transferor in
   accordance with the deed.

   2. The interest of a designated beneficiary is contingent on the designated
   beneficiary surviving the transferor. The interest of a designated beneficiary
   that fails to survive the transferor lapses.

   3. Subject to subdivision 4, concurrent interests are transferred to the
   beneficiaries in equal and undivided shares with no right of survivorship.

   4. If the transferor has identified two or more designated beneficiaries to
   receive concurrent interests in the property, the share of one that lapses or
   fails for any reason is transferred to the other, or to the others in
   proportion to the interest of each in the remaining part of the property held
   concurrently.

   5. If, after making a transfer on death deed, the transferor is divorced a
   vinculo matrimonii or his marriage is annulled, the divorce or annulment
   revokes any transfer to a former spouse as designated beneficiary unless the
   transfer on death deed expressly provides otherwise.

B. Subject to Chapter 6 (&#xA7; 55.1-600 et seq.) of Title 55.1, a beneficiary
takes the property subject to all conveyances, encumbrances, assignments,
contracts, mortgages, liens, and other interests to which the property is
subject at the transferor&#8217;s death. For purposes of this subsection and
Chapter 6 (&#xA7; 55.1-600 et seq.) of Title 55.1, the transfer and conveyance
of the property subject to the transfer on death deed shall be deemed to be
effective at the transferor&#8217;s death.

C. If a transferor is a joint owner and is:

   1. Survived by one or more other joint owners, the property that is the
   subject of a transfer on death deed belongs to the surviving joint owner or
   owners with right of survivorship but remains subject to the naming of the
   designated beneficiary in the transfer on death deed; or

   2. The last surviving joint owner, the transfer on death deed is effective.

D. A transfer on death deed transfers property without covenant or warranty of
title even if the deed contains a contrary provision.

HISTORY: 2013, c. 390; 2016, cc. 187, 269.