55-525.11 - (Effective October 1, 2010) Duty of settlement agent. - Virginia Statutes

§ 55-525.11. (Effective October 1, 2010) Duty of settlement agent.

The settlement agent shall cause recordation of the deed, the deed of trust,or mortgage, or other documents required to be recorded and shall causedisbursement of settlement proceeds within two business days of settlement. Asettlement agent may not disburse any or all loan funds or other funds cominginto its possession prior to the recordation of any instrument except (i)funds received that are overpayments to be returned to the provider of suchfunds, (ii) funds necessary to effect the recordation of instruments, or(iii) funds that the provider has by separate written instrument directed tobe disbursed prior to recordation of any instrument. Additionally, in anytransaction involving the purchase or sale of an interest in residential realproperty, the settlement agent shall provide notification to the purchaser ofthe availability of owner's title insurance as required under § 38.2-4616.

(1980, c. 730, § 6.1-2.13; 1987, c. 576; 1992, c. 733; 1996, c. 883; 2010, c.794.)