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2011 SESSION

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HB 2099 Real estate settlements; disclosures may be provided electronically and overnight delivery.

Introduced by: James M. Scott | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Real estate settlements; disclosures.  Provides that the disclosure required by the seller under the Virginia Residential Property Disclosure Act may be provided by electronic means and overnight delivery using a commercial service or the U.S. Postal Service. Currently the disclosure must be made by either hand delivery or by United States mail.  Regarding disclosures related to settlement service providers, the bill requires that a person making a referral to an affiliated settlement service provider where the person owns more than one percent of the affiliated service provider must disclose the percentage of the interest. Under the bill if the percentage is higher than 50 percent, the disclosure must state that the service provider is a subsidiary of the person making the referral.


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