A purchaser or borrower in a transaction related to real estate in the Commonwealth shall have the right to select the settlement agent to provide escrow, closing, or settlement services in connection with the transaction. The seller in such a transaction may not require the use of a particular settlement agent as a condition of the sale of the property. Nothing in this chapter shall prohibit a seller from retaining an attorney licensed pursuant to Chapter 39 (§ 54.1-3900 et seq.) of Title 54.1 to represent his interests and provide legal advice pertaining to escrow, closing, or settlement services. Such representation may include deed preparation, fee negotiation, and review of applicable documents and advising the seller on any legal matters related to the settlement or closing process.
2009, c. 140, § 6.1-2.21:1; 2010, c. 794, § 55-525.22; 2019, c. 712; 2022, cc. 669, 670.
Structure Code of Virginia
Title 55.1 - Property and Conveyances
Chapter 10 - Real Estate Settlement Agents
§ 55.1-1001. Limitation on applicability of chapter
§ 55.1-1002. Scope of chapter; lay real estate settlement agents
§ 55.1-1003. Persons who may act as a settlement agent
§ 55.1-1004. Duties of settlement agents
§ 55.1-1005. Persons prohibited from assisting or being employed by settlement agents
§ 55.1-1006. Choice of settlement agent
§ 55.1-1009. Falsifying settlement statements prohibited
§ 55.1-1010. Separate charge for reporting transactions limited
§ 55.1-1011. Record retention requirements
§ 55.1-1012. Regulations and orders
§ 55.1-1013. Accounting by title insurance companies
§ 55.1-1015. Penalties and liabilities
§ 55.1-1015.1. Civil penalties; attorney fees
§ 55.1-1016. Confidentiality of information obtained by the Commission