§ 55-525.23. (Effective October 1, 2010) Disclosure.
All contracts involving the purchase of real estate containing not more thanfour residential dwelling units shall include, in bold face, and in at least10-point type, the following language:
"Choice of Settlement Agent: Chapter 27.3 (§ 55-525.16 et seq.) of Title 55of the Code of Virginia provides that the purchaser or borrower has the rightto select the settlement agent to handle the closing of this transaction. Thesettlement agent's role in closing this transaction involves the coordinationof numerous administrative and clerical functions relating to the collectionof documents and the collection and disbursement of funds required to carryout the terms of the contract between the parties. If part of the purchaseprice is financed, the lender for the purchaser will instruct the settlementagent as to the signing and recording of loan documents and the disbursementof loan proceeds. No settlement agent can provide legal advice to any partyto the transaction except a settlement agent who is engaged in the privatepractice of law in Virginia and who has been retained or engaged by a partyto the transaction for the purpose of providing legal services to that party.
"Variation by agreement: The provisions of Chapter 27.3 (§ 55-525.16 etseq.) of Title 55 of the Code of Virginia may not be varied by agreement, andrights conferred by this chapter may not be waived. The seller may notrequire the use of a particular settlement agent as a condition of the saleof the property.
"Escrow, closing, and settlement service guidelines: The Virginia State Barissues guidelines to help settlement agents avoid and prevent theunauthorized practice of law in connection with furnishing escrow, settlementor closing services. As a party to a real estate transaction, the purchaseror borrower is entitled to receive a copy of these guidelines from hissettlement agent, upon request, in accordance with the provisions of Chapter27.3 (§ 55-525.16 et seq.) of Title 55 of the Code of Virginia."
(1997, c. 716, § 6.1-2.22; 2009, c. 140; 2010, c. 794.)
§ 55-525.23. (Effective October 1, 2010) Disclosure.
All contracts involving the purchase of real estate containing not more thanfour residential dwelling units shall include, in bold face, and in at least10-point type, the following language:
"Choice of Settlement Agent: Chapter 27.3 (§ 55-525.16 et seq.) of Title 55of the Code of Virginia provides that the purchaser or borrower has the rightto select the settlement agent to handle the closing of this transaction. Thesettlement agent's role in closing this transaction involves the coordinationof numerous administrative and clerical functions relating to the collectionof documents and the collection and disbursement of funds required to carryout the terms of the contract between the parties. If part of the purchaseprice is financed, the lender for the purchaser will instruct the settlementagent as to the signing and recording of loan documents and the disbursementof loan proceeds. No settlement agent can provide legal advice to any partyto the transaction except a settlement agent who is engaged in the privatepractice of law in Virginia and who has been retained or engaged by a partyto the transaction for the purpose of providing legal services to that party.
"Variation by agreement: The provisions of Chapter 27.3 (§ 55-525.16 etseq.) of Title 55 of the Code of Virginia may not be varied by agreement, andrights conferred by this chapter may not be waived. The seller may notrequire the use of a particular settlement agent as a condition of the saleof the property.
"Escrow, closing, and settlement service guidelines: The Virginia State Barissues guidelines to help settlement agents avoid and prevent theunauthorized practice of law in connection with furnishing escrow, settlementor closing services. As a party to a real estate transaction, the purchaseror borrower is entitled to receive a copy of these guidelines from hissettlement agent, upon request, in accordance with the provisions of Chapter27.3 (§ 55-525.16 et seq.) of Title 55 of the Code of Virginia."
(1997, c. 716, § 6.1-2.22; 2009, c. 140; 2010, c. 794.)
§ 55-525.23. (Effective October 1, 2010) Disclosure.
All contracts involving the purchase of real estate containing not more thanfour residential dwelling units shall include, in bold face, and in at least10-point type, the following language:
"Choice of Settlement Agent: Chapter 27.3 (§ 55-525.16 et seq.) of Title 55of the Code of Virginia provides that the purchaser or borrower has the rightto select the settlement agent to handle the closing of this transaction. Thesettlement agent's role in closing this transaction involves the coordinationof numerous administrative and clerical functions relating to the collectionof documents and the collection and disbursement of funds required to carryout the terms of the contract between the parties. If part of the purchaseprice is financed, the lender for the purchaser will instruct the settlementagent as to the signing and recording of loan documents and the disbursementof loan proceeds. No settlement agent can provide legal advice to any partyto the transaction except a settlement agent who is engaged in the privatepractice of law in Virginia and who has been retained or engaged by a partyto the transaction for the purpose of providing legal services to that party.
"Variation by agreement: The provisions of Chapter 27.3 (§ 55-525.16 etseq.) of Title 55 of the Code of Virginia may not be varied by agreement, andrights conferred by this chapter may not be waived. The seller may notrequire the use of a particular settlement agent as a condition of the saleof the property.
"Escrow, closing, and settlement service guidelines: The Virginia State Barissues guidelines to help settlement agents avoid and prevent theunauthorized practice of law in connection with furnishing escrow, settlementor closing services. As a party to a real estate transaction, the purchaseror borrower is entitled to receive a copy of these guidelines from hissettlement agent, upon request, in accordance with the provisions of Chapter27.3 (§ 55-525.16 et seq.) of Title 55 of the Code of Virginia."
(1997, c. 716, § 6.1-2.22; 2009, c. 140; 2010, c. 794.)
