SEARCH SITE
VIRGINIA LAW PORTAL
- Code of Virginia
- Virginia Administrative Code
- Constitution of Virginia
- Charters
- Authorities
- Compacts
- Uncodified Acts
- RIS Users (account required)
SEARCHABLE DATABASES
- Bills & Resolutions
session legislation - Bill Summaries
session summaries - Reports to the General Assembly
House and Senate documents - Legislative Liaisons
State agency contacts
ACROSS SESSIONS
- Subject Index: Since 1995
- Bills & Resolutions: Since 1994
- Summaries: Since 1994
Developed and maintained by the Division of Legislative Automated Systems.
2009 SESSION
090149720Be it enacted by the General Assembly of Virginia:
1. That § 6.1-2.22 of the Code of Virginia is amended and reenacted as follows:
§ 6.1-2.22. Disclosure.
All contracts involving the purchase of real estate containing not more than four residential dwelling units shall include in bold face, ten-point type the following language:
Choice of Settlement Agent: You have Virginia's
Consumer Real Estate Settlement Protection Act provides that the purchaser has
the right to select a the settlement agent to handle the closing
of this transaction. The settlement agent's role in closing your this
transaction involves the coordination of numerous administrative and clerical
functions relating to the collection of documents and the collection and
disbursement of funds required to carry out the terms of the contract between
the parties. If part of the purchase price is financed, your the
lender for the purchaser will instruct the settlement agent as to the
signing and recording of loan documents and the disbursement of loan proceeds.
No settlement agent can provide legal advice to any party to the transaction
except a settlement agent who is engaged in the private practice of law in
Virginia and who has been retained or engaged by a party to the transaction for
the purpose of providing legal services to that party.
Variation by agreement: The provisions of the Consumer Real Estate Settlement Protection Act may not be varied by agreement, and rights conferred by this chapter may not be waived. The seller may not require the use of a particular settlement agent as a condition of the sale of the property.
Escrow, closing and settlement service guidelines: The Virginia State Bar issues guidelines to help settlement agents avoid and prevent the unauthorized practice of law in connection with furnishing escrow, settlement or closing services. As a party to a real estate transaction, you are entitled to receive a copy of these guidelines from your settlement agent, upon request, in accordance with the provisions of the Consumer Real Estate Settlement Protection Act.