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2016 SESSION

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HB 1091 Settlement statements; definition, certain disclosures required.

Introduced by: Marcus B. Simon | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Definition of settlement statements; real estate settlement agents; certain disclosures required. Requires that all settlement statements for transactions related to real estate include the following additional information: (i) the phone number and email address of the settlement agent; (ii) all receipts and disbursement made on behalf of both the buyer and seller; (iii) the commission paid to any real estate agent; and (iv) the loan amount, if any. The bill further requires that all settlement statements for transactions related to real estate be signed by both the buyer and the seller and be furnished electronically upon request. The bill removes from the definition of "settlement statement" a statement prescribed by the Real Estate Settlement Procedures Act of 1974. The bill directs the Office of the Executive Secretary of the Supreme Court of Virginia, in conjunction with the Virginia State Bar, the State Corporation Commission, and the Real Estate Board, to promulgate a Uniform Settlement Statement form no later than July 1, 2017.


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