25.1-308 - Effect of recordation of certificate; transfer of title or interest in property. - Virginia Statutes

§ 25.1-308. Effect of recordation of certificate; transfer of title orinterest in property.

A. Upon recordation of a certificate:

1. The interest or estate of the owner of the property described thereinshall terminate;

2. The title to such property shall be vested in the authorized condemnor;

3. The owner shall have such interest or estate in the funds deposited withthe court or represented by the certificate of deposit as the owner had inthe property taken or damaged; and

4. All liens by deed of trust, judgment or otherwise upon such property shallbe transferred to such funds.

B. The title in the authorized condemnor shall be defeasible until (i) theauthorized condemnor and such owner reach an agreement as provided in §25.1-317, or (ii) the compensation for the taking or damage to the propertyis determined by condemnation proceedings as provided in § 25.1-313.

(2003, c. 940.)