In connection with any transaction involving the purchase or sale of an interest in residential real property in this Commonwealth, the settlement agent as defined in § 55.1-900, before the disbursement of any funds, shall obtain from the purchaser a statement in writing that he has been notified by the settlement agent that the purchaser may wish to obtain owner's title insurance coverage including affirmative mechanics' lien coverage, if available, and of the general nature of such coverage, and that the purchaser does or does not desire such coverage. The notification shall include language that the value of subsequent improvements to the property may not be covered.
The failure of a settlement agent to provide the information requested by this section shall not of itself be deemed to create a cause of action that would not otherwise exist.
1992, c. 733.
Structure Code of Virginia
§ 38.2-4600. Class of insurance and insurance companies to which chapter applies
§ 38.2-4601. Title insurance company defined
§ 38.2-4601.1. Title insurance agency or agent defined
§ 38.2-4602. What laws applicable
§ 38.2-4603. What companies may transact title insurance
§ 38.2-4604. Investment in plant and equipment
§ 38.2-4606. Forms to be filed with Commission
§ 38.2-4608. Title insurance rates
§ 38.2-4609. Loss or claim reserves
§ 38.2-4610.1. Unearned premium reserve
§ 38.2-4610.1:1. Unearned premium reserves of foreign title insurance companies
§ 38.2-4613. Unearned premium reserve to be held and administered for benefit of policyholders
§ 38.2-4615. Exchange of information
§ 38.2-4616. Notification to buyers of the availability of owner's title insurance