55-79.97:3 - Requests by settlement agents. - Virginia Statutes

§ 55-79.97:3. Requests by settlement agents.

A. The settlement agent may request a financial update from the preparer ofthe resale certificate. The preparer of the resale certificate shall, uponrequest from the settlement agent, provide the settlement agent with writtenescrow instructions directing the amount of any funds to be paid from thesettlement proceeds to the association or the common interest communitymanager. There shall be no fees charged for a response by the association orits common interest community manager to a request from the settlement agentfor written escrow instructions; however a fee may be charged for a financialupdate pursuant to this chapter.

B. The settlement agent, when transmitting funds to the unit owners'association or the common interest community manager, shall, unless otherwisedirected in writing, provide the preparer of the resale certificate with (i)the complete record name of the seller, (ii) the address of the subject unit,(iii) the complete name of the purchaser, (iv) the date of settlement, and(v) a brief explanation of the application of any funds transmitted or byproviding a copy of a settlement statement, unless otherwise prohibited.

(2008, cc. 851, 871.)