§ 6.1-2.20. (Repealed effective October 1, 2010) Definitions.
"Escrow" means written instruments, money or other items deposited by aparty with a settlement agent for delivery to other persons upon theperformance of specified conditions or the happening of a certain event.
"Escrow, closing or settlement services" means the administrative andclerical services required to carry out the terms of contracts affecting realestate. These services include, but are not limited to, placing orders fortitle insurance, receiving and issuing receipts for money received from theparties, ordering loan checks and payoffs, ordering surveys and inspections,preparing settlement statements, determining that all closing documentsconform to the parties' contract requirements, setting the closingappointment, following up with the parties to ensure that the transactionprogresses to closing, ascertaining that the lenders' instructions have beensatisfied, conducting a closing conference at which the documents areexecuted, receiving and disbursing funds, completing form documents andinstruments selected by and in accordance with instructions of the parties tothe transaction, handling or arranging for the recording of documents,sending recorded documents to the lender, sending the recorded deed and thetitle policy to the buyer, and reporting federal income tax information forthe real estate sale to the Internal Revenue Service.
"Licensing authority" shall mean the (i) State Corporation Commissionacting pursuant to this title or Title 38.2; (ii) the Virginia State Baracting pursuant to this chapter or Chapter 39 (§ 54.1-3900 et seq.) of Title54.1; or (iii) the Virginia Real Estate Board acting pursuant to this chapteror Chapter 21 (§ 54.1-2100 et seq.) of Title 54.1.
"Party to the real estate transaction" means with respect to that realestate transaction, a lender, seller, purchaser or borrower, and with respectto a corporate purchaser, any entity which is a subsidiary of or under commonownership with that corporate purchaser.
"Person" means a natural person, partnership, association, cooperative,corporation, limited liability company, trust or other legal entity.
"Settlement agent" means a person other than a party to the real estatetransaction who provides escrow, closing or settlement services in connectionwith a transaction related to real estate in this Commonwealth and who islisted as the settlement agent on the settlement statement for suchtransaction. Any person, other than a party to the transaction, who conductsthe settlement conference and receives or handles money shall be deemed a"settlement agent" subject to the applicable requirements of this chapter.
"Settlement statement" means the statement of receipts and disbursementsfor a transaction related to real estate including, but not limited to, astatement prescribed under the Real Estate Settlement Procedures Act of 1974(RESPA), 12 U.S.C. § 2601 et seq., as amended, and the regulations thereunder.
§ 6.1-2.20. (Repealed effective October 1, 2010) Definitions.
"Escrow" means written instruments, money or other items deposited by aparty with a settlement agent for delivery to other persons upon theperformance of specified conditions or the happening of a certain event.
"Escrow, closing or settlement services" means the administrative andclerical services required to carry out the terms of contracts affecting realestate. These services include, but are not limited to, placing orders fortitle insurance, receiving and issuing receipts for money received from theparties, ordering loan checks and payoffs, ordering surveys and inspections,preparing settlement statements, determining that all closing documentsconform to the parties' contract requirements, setting the closingappointment, following up with the parties to ensure that the transactionprogresses to closing, ascertaining that the lenders' instructions have beensatisfied, conducting a closing conference at which the documents areexecuted, receiving and disbursing funds, completing form documents andinstruments selected by and in accordance with instructions of the parties tothe transaction, handling or arranging for the recording of documents,sending recorded documents to the lender, sending the recorded deed and thetitle policy to the buyer, and reporting federal income tax information forthe real estate sale to the Internal Revenue Service.
"Licensing authority" shall mean the (i) State Corporation Commissionacting pursuant to this title or Title 38.2; (ii) the Virginia State Baracting pursuant to this chapter or Chapter 39 (§ 54.1-3900 et seq.) of Title54.1; or (iii) the Virginia Real Estate Board acting pursuant to this chapteror Chapter 21 (§ 54.1-2100 et seq.) of Title 54.1.
"Party to the real estate transaction" means with respect to that realestate transaction, a lender, seller, purchaser or borrower, and with respectto a corporate purchaser, any entity which is a subsidiary of or under commonownership with that corporate purchaser.
"Person" means a natural person, partnership, association, cooperative,corporation, limited liability company, trust or other legal entity.
"Settlement agent" means a person other than a party to the real estatetransaction who provides escrow, closing or settlement services in connectionwith a transaction related to real estate in this Commonwealth and who islisted as the settlement agent on the settlement statement for suchtransaction. Any person, other than a party to the transaction, who conductsthe settlement conference and receives or handles money shall be deemed a"settlement agent" subject to the applicable requirements of this chapter.
"Settlement statement" means the statement of receipts and disbursementsfor a transaction related to real estate including, but not limited to, astatement prescribed under the Real Estate Settlement Procedures Act of 1974(RESPA), 12 U.S.C. § 2601 et seq., as amended, and the regulations thereunder.
§ 6.1-2.20. (Repealed effective October 1, 2010) Definitions.
"Escrow" means written instruments, money or other items deposited by aparty with a settlement agent for delivery to other persons upon theperformance of specified conditions or the happening of a certain event.
"Escrow, closing or settlement services" means the administrative andclerical services required to carry out the terms of contracts affecting realestate. These services include, but are not limited to, placing orders fortitle insurance, receiving and issuing receipts for money received from theparties, ordering loan checks and payoffs, ordering surveys and inspections,preparing settlement statements, determining that all closing documentsconform to the parties' contract requirements, setting the closingappointment, following up with the parties to ensure that the transactionprogresses to closing, ascertaining that the lenders' instructions have beensatisfied, conducting a closing conference at which the documents areexecuted, receiving and disbursing funds, completing form documents andinstruments selected by and in accordance with instructions of the parties tothe transaction, handling or arranging for the recording of documents,sending recorded documents to the lender, sending the recorded deed and thetitle policy to the buyer, and reporting federal income tax information forthe real estate sale to the Internal Revenue Service.
"Licensing authority" shall mean the (i) State Corporation Commissionacting pursuant to this title or Title 38.2; (ii) the Virginia State Baracting pursuant to this chapter or Chapter 39 (§ 54.1-3900 et seq.) of Title54.1; or (iii) the Virginia Real Estate Board acting pursuant to this chapteror Chapter 21 (§ 54.1-2100 et seq.) of Title 54.1.
"Party to the real estate transaction" means with respect to that realestate transaction, a lender, seller, purchaser or borrower, and with respectto a corporate purchaser, any entity which is a subsidiary of or under commonownership with that corporate purchaser.
"Person" means a natural person, partnership, association, cooperative,corporation, limited liability company, trust or other legal entity.
"Settlement agent" means a person other than a party to the real estatetransaction who provides escrow, closing or settlement services in connectionwith a transaction related to real estate in this Commonwealth and who islisted as the settlement agent on the settlement statement for suchtransaction. Any person, other than a party to the transaction, who conductsthe settlement conference and receives or handles money shall be deemed a"settlement agent" subject to the applicable requirements of this chapter.
"Settlement statement" means the statement of receipts and disbursementsfor a transaction related to real estate including, but not limited to, astatement prescribed under the Real Estate Settlement Procedures Act of 1974(RESPA), 12 U.S.C. § 2601 et seq., as amended, and the regulations thereunder.
