Code of Virginia § 55.1-1006. Choice of settlement agent.
186 words·~1 min read·
/va/title-55-1/chapter-10/55-1-1006·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A purchaser or borrower in a transaction related to real estate in the Commonwealth shall have the right to select the settlement agent to provide escrow, closing, or settlement services in connection with the transaction. The seller in such a transaction may not require the use of a particular settlement agent as a condition of the sale of the property. Nothing in this chapter shall prohibit a seller from retaining an attorney licensed pursuant to Chapter 39 (§ 54.1-3900 et seq.) of Title 54.1 to represent his interests and provide legal advice pertaining to escrow, closing, or settlement services.
Such representation may include deed preparation, fee negotiation, and review of applicable documents and advising the seller on any legal matters related to the settlement or closing process. The settlement agent may not collect any fees from a represented seller payable to the settlement agent or its subsidiaries, affiliates, or subcontractors without first obtaining the written consent of the seller's counsel.
2009, c. 140 , § 6.1-2.21:1; 2010, c. 794 , § 55-525.22; 2019, c. 712 ; 2022, cc. 669 , 670 ; 2023, c. 493 .