38.2-4616 - Notification to buyers of the availability of owner's title insurance. - Virginia Statutes

§ 38.2-4616. Notification to buyers of the availability of owner's titleinsurance.

In connection with any transaction involving the purchase or sale of aninterest in residential real property in this Commonwealth, the settlementagent as defined in § 6.1-2.10, before the disbursement of any funds, shallobtain from the purchaser a statement in writing that he has been notified bythe settlement agent that the purchaser may wish to obtain owner's titleinsurance coverage including affirmative mechanics' lien coverage, ifavailable, and of the general nature of such coverage, and that the purchaserdoes or does not desire such coverage. The notification shall includelanguage that the value of subsequent improvements to the property may not becovered.

The failure of a settlement agent to provide the information requested bythis section shall not of itself be deemed to create a cause of action thatwould not otherwise exist.

(1992, c. 733.)