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Virginia Code Title 55.1. Property and Conveyances § 55.1-1003. Persons who may act as a settlement agent

Current as of January 01, 2025 | Updated by Findlaw Staff

A. A person shall not act in the capacity of a settlement agent, and a lender, seller, purchaser or borrower may not contract with any person to act in the capacity of a settlement agent, with respect to real estate settlements in the Commonwealth unless the person has not been convicted of a felony, unless such person has had his civil rights restored by the Governor or been granted a writ of actual innocence, and is either:

1. Licensed as an attorney under Chapter 39 (§ 54.1-3900 et seq.) of Title 54.1;

2. Licensed as a title insurance company under Title 38.2;

3. Licensed as a title insurance agent under Title 38.2 and is appointed by a title insurance company licensed in the Commonwealth pursuant to Chapter 18 (§ 38.2-1800 et seq.) of Title 38.2;

4. Licensed as a real estate broker under Chapter 21 (§ 54.1-2100 et seq.) of Title 54.1;

5. A financial institution authorized to do business in the Commonwealth under any of the provisions of Title 6.2 or under federal law; or

6. A subsidiary or affiliate of a financial institution described in subdivision 5.

Any person described in subdivisions 1 through 6 not acting in the capacity of a settlement agent shall not be subject to the provisions of this chapter.

B. Notwithstanding any rule of court to the contrary, a settlement agent operating in compliance with the requirements of this chapter or a party to the real estate transaction may provide escrow, closing, or settlement services and receive compensation for such services.

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Cite this article: FindLaw.com - Virginia Code Title 55.1. Property and Conveyances § 55.1-1003. Persons who may act as a settlement agent - last updated January 01, 2025 | https://codes.findlaw.com/va/title-55-1-property-and-conveyances/va-code-sect-55-1-1003/

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