A. The settlement agent may request a financial update from the preparer of the disclosure packet. The preparer of the disclosure packet shall, upon request from the settlement agent, provide the settlement agent with written escrow instructions directing the amount of any funds to be paid from the settlement proceeds to the association or the common interest community manager. There shall be no fees charged for a response by the association or its common interest community manager to a request from the settlement agent for written escrow instructions. However, a fee may be charged for a financial update pursuant to this chapter.
B. The settlement agent, when transmitting funds to the association or the common interest community manager, shall, unless otherwise directed in writing, provide the preparer of the disclosure packet with (i) the complete record name of the seller, (ii) the address of the subject lot, (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 by providing a copy of a settlement statement, unless otherwise prohibited.
2008, cc. 851, 871, § 55-509.9; 2019, c. 712.
Structure Code of Virginia
Title 55.1 - Property and Conveyances
Chapter 18 - Property Owners' Association Act
§ 55.1-1803. Limitation on certain contracts and leases by declarant
§ 55.1-1804. Documents to be provided by declarant upon transfer of control
§ 55.1-1805. Association charges
§ 55.1-1807. Statement of lot owner rights
§ 55.1-1808. Contract disclosure statement; right of cancellation
§ 55.1-1809. Contents of association disclosure packet; delivery of packet
§ 55.1-1810. Fees for disclosure packet; professionally managed associations
§ 55.1-1811. Fees for disclosure packet; associations not professionally managed
§ 55.1-1812. Properties subject to more than one declaration
§ 55.1-1813. Requests by settlement agents
§ 55.1-1814. Exceptions to disclosure requirements
§ 55.1-1815. Access to association records; association meetings; notice
§ 55.1-1816. Meetings of the board of directors
§ 55.1-1817. Distribution of information by members
§ 55.1-1818. Common areas; notice of pesticide application
§ 55.1-1819. Adoption and enforcement of rules
§ 55.1-1819.1. Limitation of smoking in development
§ 55.1-1820.1. Installation of solar energy collection devices
§ 55.1-1821. Home-based businesses permitted; compliance with local ordinances
§ 55.1-1822. Use of for sale signs in connection with sale
§ 55.1-1823. Designation of authorized representative
§ 55.1-1823.1. Electric vehicle charging stations permitted
§ 55.1-1824. Assessments; late fees
§ 55.1-1825. Authority to levy special assessments
§ 55.1-1826. Annual budget; reserves for capital components
§ 55.1-1827. Deposit of funds; fidelity bond
§ 55.1-1828. Compliance with declaration
§ 55.1-1829. Amendment to declaration and bylaws; consent of mortgagee
§ 55.1-1830. Validity of declaration; corrective amendments
§ 55.1-1831. Reformation of declaration; judicial procedure
§ 55.1-1832. Use of technology
§ 55.1-1833. Lien for assessments
§ 55.1-1834. Notice of sale under deed of trust