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2018 SESSION

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18102638D
HOUSE BILL NO. 1028 Offered January 10, 2018 Prefiled January 9, 2018 A BILL to amend and reenact § 55-525.22 of the Code of Virginia, relating to real estate settlement; choice of settlement agent, mortgage lender or broker, and other vendors associated with a real estate closing. ---------- Patrons-- Convirs-Fowler, Gooditis and Simon ---------- Referred to Committee on General Laws ----------

Be it enacted by the General Assembly of Virginia:

1. That § 55-525.22 of the Code of Virginia is amended and reenacted as follows:

§ 55-525.22. Choice of settlement agent, mortgage lender or broker, and other vendors associated with a real estate closing.

A purchaser or borrower in a transaction related to real estate in the Commonwealth shall have the right to select the settlement agent, mortgage lender or broker, and any other vendor associated with the financing or settlement of real estate to provide escrow, closing, or settlement services in connection with the transaction. The seller in or any other party associated with such a transaction may not require the use of, or offer anything of value for the use of, a particular settlement agent, mortgage lender or broker, or any other vendor associated with the financing or settlement of real estate as a condition of the sale of the property.