A settlement agent shall cause recordation of the deed, the deed of trust or mortgage, or other documents required to be recorded, and shall cause disbursement of settlement proceeds within 1 business day of settlement. At least 5 days prior to settlement, the settlement agent shall inform the seller of the terms of this chapter. If settlement is delayed, the settlement agent shall notify, in writing, all of the settlement parties explaining the reasons for the delay. If any of the reasons listed are the fault of a settlement agent or of the lender, the settlement agent or the lender at fault shall be subject to the provisions of § 42-2407.
CREDIT(S)
(Feb. 24, 1987, D.C. Law 6-187, § 6, 33 DCR 7681.)
HISTORICAL AND STATUTORY NOTES
Prior Codifications
1981 Ed., § 45-2805.
Legislative History of Laws
For legislative history of D.C. Law 6-187, see Historical and Statutory Notes following § 42-2401.