All contracts involving the purchase of real estate containing not more than four
residential dwelling units shall include in at least 10-point boldface type the following
“Choice of Settlement Agent: Chapter 10 (§ 55.1-1000 et seq.) of Title 55.1 of the Code of Virginia provides that the purchaser or borrower
has the right to select the settlement agent to handle the closing of this transaction. The settlement agent's role in closing 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, 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 Chapter 10 (§ 55.1-1000 et seq.) of Title 55.1 of the Code of Virginia 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 services 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, the purchaser or borrower is entitled to
receive a copy of these guidelines from his settlement agent, upon request, in accordance
with the provisions of Chapter 10 (§ 55.1-1000 et seq.) of Title 55.1 of the Code of Virginia.”
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
Was this helpful?
Welcome to FindLaw's Cases & Codes
A free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw's Learn About the Law.