State Codes and Statutes
Statutes > Virginia > Title-55 > Chapter-26 > 55-509-9§ 55-509.9. Requests by settlement agents.
A. The settlement agent may request a financial update from the preparer ofthe disclosure packet. The preparer of the disclosure packet shall, uponrequest from the settlement agent, provide the settlement agent with writtenescrow instructions directing the amount of any funds to be paid from thesettlement proceeds to the association or the common interest communitymanager. There shall be no fees charged for a response by the association orits common interest community manager to a request from the settlement agentfor written escrow instructions, however a fee may be charged for a financialupdate pursuant to this chapter.
B. The settlement agent, when transmitting funds to the association or thecommon interest community manager, shall, unless otherwise directed inwriting, provide the preparer of the disclosure packet with (i) the completerecord name of the seller, (ii) the address of the subject lot, (iii) thecomplete name of the purchaser, (iv) the date of settlement, and (v) a briefexplanation of the application of any funds transmitted or by providing acopy of a settlement statement, unless otherwise prohibited.
(2008, cc. 851, 871.)
