55-186 - When grant to issue to purchaser; reimbursable expenses. - Virginia Statutes

§ 55-186. When grant to issue to purchaser; reimbursable expenses.

A. When the escheator sells for cash he shall certify the purchase and theprice to the State Treasurer, who, after determining that such price,deducting the expenses, has been paid into the state treasury and that theexpenses of the inquest and sale have been paid to the escheator, shall havea grant issued and executed for the lands so sold. At the time of sale, theescheator shall require the purchaser to sign an authorization forrecordation prior to distribution. A clerk's fee in accordance withsubdivision A 2 of § 17.1-275 per parcel purchased shall be collected by theescheator in addition to the purchase price. The fee shall be forwarded tothe State Treasurer, together with the names and addresses of the purchasersof the escheated property and the sale proceeds as required in § 55-189, whoshall send the fee with the grants to the local clerk's office for recording.The fee in effect at the time of sale shall be in lieu of all fees and costs.Grants of escheated property shall be exempt from all recording taxes. Afterrecording the grants, the local clerk shall forward the grants to theescheator who shall be responsible for notifying the purchasers of therecordation and the distribution of the grants to the purchaser.

B. Expenses reimbursable by the State Treasurer under subsection A of thissection shall include an auctioneer's fee, which shall not exceed fivepercent of the sale proceeds. The State Treasurer, by regulation, shalldetail other appropriate reimbursable expenses.

(Code 1919, § 507; 1952, c. 132; 1977, c. 583; 1981, c. 514; 1982, c. 486;1984, c. 315; 1988, c. 377; 1990, c. 938.)