A. The settlement agent may request a financial update from the preparer of the resale certificate. The preparer of the resale certificate 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 unit owners' association or the common interest community manager, shall, unless otherwise directed 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 by providing a copy of a settlement statement, unless otherwise prohibited.
2008, cc. 851, 871, § 55-79.97:3; 2019, c. 712.
Structure Code of Virginia
Title 55.1 - Property and Conveyances
Chapter 19 - Virginia Condominium Act
§ 55.1-1901. Application and construction of chapter
§ 55.1-1902. Variation by agreement
§ 55.1-1903. Separate assessments, titles, and taxation
§ 55.1-1904. Association charges
§ 55.1-1907. How condominium may be created
§ 55.1-1909. Description of condominium units
§ 55.1-1910. Execution of condominium instruments
§ 55.1-1911. Recordation of condominium instruments
§ 55.1-1912. Construction of condominium instruments
§ 55.1-1913. Complementarity of condominium instruments; controlling construction
§ 55.1-1914. Validity of condominium instruments; discrimination prohibited
§ 55.1-1915. Compliance with condominium instruments
§ 55.1-1916. Contents of declaration
§ 55.1-1917. Allocation of interests in the common elements
§ 55.1-1918. Reallocation of interests in common elements
§ 55.1-1919. Assignments of limited common elements; conversion to common element
§ 55.1-1920. Contents of plats and plans
§ 55.1-1921. Bond to insure completion of improvements
§ 55.1-1922. Preliminary recordation of plats and plans
§ 55.1-1923. Easement for encroachments
§ 55.1-1924. Conversion of convertible lands
§ 55.1-1925. Conversion of convertible spaces
§ 55.1-1926. Expansion of condominium
§ 55.1-1927. Contraction of condominium
§ 55.1-1928. Easement to facilitate conversion and expansion
§ 55.1-1929. Easement to facilitate sales
§ 55.1-1930. Declarant's obligation to complete and restore
§ 55.1-1931. Alterations within units
§ 55.1-1932. Relocation of boundaries between units
§ 55.1-1933. Subdivision of units
§ 55.1-1934. Amendment of condominium instruments
§ 55.1-1935. Use of technology
§ 55.1-1936. Merger or consolidation of condominiums; procedure
§ 55.1-1937. Termination of condominium
§ 55.1-1938. Rights of mortgagees
§ 55.1-1939. Statement of unit owner rights
§ 55.1-1941. Amendment to condominium instruments; consent of mortgagee
§ 55.1-1942. Reformation of declaration; judicial procedure
§ 55.1-1943. Control of condominium by declarant
§ 55.1-1945. Books, minutes, and records; inspection
§ 55.1-1946. Management office
§ 55.1-1947. Transfer of special declarant rights
§ 55.1-1948. Declarants not succeeding to special declarant rights
§ 55.1-1949. Meetings of unit owners' association and executive board
§ 55.1-1950. Distribution of information by members
§ 55.1-1951.1. Installation of solar energy collection devices
§ 55.1-1952. Meetings of unit owners' association and executive board; quorums
§ 55.1-1956. Control of common elements
§ 55.1-1957. Common elements; notice of pesticide application
§ 55.1-1958. Tort and contract liability; judgment lien
§ 55.1-1960. Limitation of occupancy of a unit
§ 55.1-1960.1. Limitation of smoking in condominium
§ 55.1-1961. Use of for sale sign in connection with resale
§ 55.1-1962. Designation of authorized representative
§ 55.1-1962.1. Electric vehicle charging stations permitted
§ 55.1-1964. Liability for common expenses; late fees
§ 55.1-1965. Annual budget; reserves for capital components
§ 55.1-1966. Lien for assessments
§ 55.1-1967. Notice of sale under deed of trust
§ 55.1-1968. Bond to be posted by declarant
§ 55.1-1969. Restraints on alienation
§ 55.1-1970. Common Interest Community Board
§ 55.1-1971. General powers and duties of the Common Interest Community Board
§ 55.1-1972. Exemptions from certain provisions of article
§ 55.1-1974. Limitations on dispositions of units
§ 55.1-1975. Application for registration; fee
§ 55.1-1976. Public offering statement; condominium securities
§ 55.1-1977. Inquiry and examination
§ 55.1-1978. Notice of filing and registration
§ 55.1-1979. Annual report by declarant
§ 55.1-1980. Annual report by unit owners' association
§ 55.1-1981. Termination of registration
§ 55.1-1982. Conversion condominiums; special provisions
§ 55.1-1983. Escrow of deposits
§ 55.1-1984. Declarant to deliver declaration to purchaser
§ 55.1-1985. Investigations and proceedings
§ 55.1-1986. Cease and desist orders
§ 55.1-1987. Revocation of registration
§ 55.1-1990. Resale by purchaser; contract disclosure; right of cancellation
§ 55.1-1991. Contents of resale certificate; delivery
§ 55.1-1992. Fees for resale certificate
§ 55.1-1993. Properties subject to more than one declaration