55-525.18 - (Effective October 1, 2010) Scope of chapter; lay real estate settlement agents. - Virginia Statutes

§ 55-525.18. (Effective October 1, 2010) Scope of chapter; lay real estatesettlement agents.

A. Except as provided in subsection B, this chapter applies only totransactions involving the purchase of or lending on the security of realestate located in the Commonwealth containing not more than four residentialdwelling units.

B. Notwithstanding any rule of court or other provision of this chapter tothe contrary:

1. A lay real estate settlement agent may provide escrow, closing, andsettlement services for any real property located within the Commonwealth,and receive compensation for such services, provided he is registeredpursuant to and is in compliance with the provisions of this chapter with theexception of subsection A; and

2. A party to a real estate transaction involving the purchase of or lendingon the security of real estate located in the Commonwealth containing morethan four residential dwelling units shall have the same authority as a partyto a real estate transaction as is provided pursuant to subsection B of §55-525.19.

(1997, c. 716, § 6.1-2.19; 1998, cc. 69, 162, 736; 1999, c. 647, § 6.1-2.32;2010, c. 794.)