{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/55.1-1000.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/55.1-1000.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/55.1-1000.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/55.1-1000.html"}],"law_id":80642,"edition_id":1,"section_id":80642,"structure_id":15275,"section_number":"55.1-1000","catch_line":"Definitions","history":"1997, c. 716, \u00a7 6.1-2.20; 1998, cc. 69, 598; 1999, c. 647, \u00a7 6.1-2.32; 2002, c. 375; 2010, c. 794, \u00a7 55-525.16; 2016, c. 619; 2019, c. 712.","full_text":"As used in this chapter, unless the context requires a different meaning:\n\t\t“Association” means the National Association of Insurance Commissioners.\n\t\t“Closing disclosure” means the combined mortgage loan disclosure statement of final loan terms and closing costs prescribed under the Real Estate Settlement Procedures Act of 1974 (RESPA)(12 U.S.C. \u00a7 2601 et seq.) and Consumer Financial Protection Bureau Regulation X (12 C.F.R. Part 1024) and Regulation Z (12 C.F.R. Part 1026).\n\t\t“Commission” means the State Corporation Commission.\n\t\t“Escrow” means written instruments, money, or other items deposited by a party with a settlement agent for delivery to other persons upon the performance of specified conditions or the happening of a certain event.\n\t\t“Escrow, closing, or settlement services” means the administrative and clerical services required to carry out the terms of contracts affecting real estate. These services include placing orders for title insurance, receiving and issuing receipts for money received from the parties, ordering loan checks and payoffs, ordering surveys and inspections, preparing settlement statements or closing disclosures, determining that all closing documents conform to the parties’ contract requirements, setting the closing appointment, following up with the parties to ensure that the transaction progresses to closing, ascertaining that the lenders’ instructions have been satisfied, conducting a closing conference at which the documents are executed, receiving and disbursing funds, completing form documents and instruments selected by and in accordance with instructions of the parties to the transaction, handling or arranging for the recording of documents, sending recorded documents to the lender, sending the recorded deed and the title policy to the buyer, and reporting federal income tax information for the real estate sale to the Internal Revenue Service.\n\t\t“Lay real estate settlement agent” means a person who (i) is not licensed as an attorney under Chapter 39 (\u00a7 54.1-3900 et seq.) of Title 54.1; (ii) is not a party to the real estate transaction; (iii) provides escrow, closing, or settlement services in connection with a transaction related to any real estate in the Commonwealth; and (iv) is listed as the settlement agent on the settlement statement or closing disclosure for such transaction.\n\t\t“Licensing authority” means the (i) Commission acting pursuant to this chapter, Title 6.2, Title 12.1, or Title 38.2; (ii) the Virginia State Bar acting pursuant to this chapter or Chapter 39 (\u00a7 54.1-3900 et seq.) of Title 54.1; or (iii) the Real Estate Board acting pursuant to this chapter or Chapter 21 (\u00a7 54.1-2100 et seq.) of Title 54.1.\n\t\t“Party to the real estate transaction” means, with respect to that real estate transaction, a lender, seller, purchaser, or borrower and, with respect to a corporate purchaser, any entity that is a subsidiary of or under common ownership with that corporate purchaser.\n\t\t“Settlement agent” means a person, other than a party to the real estate transaction, that provides escrow, closing, or settlement services in connection with a transaction related to real estate in the Commonwealth and that is listed as the settlement agent on the settlement statement or closing disclosure for such transaction. Any person, other than a party to the transaction, who conducts the settlement conference and receives or handles money shall be deemed a “settlement agent” subject to the applicable requirements of this chapter.\n\t\t“Settlement statement” means the statement of receipts and disbursements for a transaction related to real estate, including a statement prescribed under the Real Estate Settlement Procedures Act of 1974 (RESPA)(12 U.S.C. \u00a7 2601 et seq.), as amended, and the regulations thereunder.","order_by":null,"text":{"0":{"id":289023,"text":"As used in this chapter, unless the context requires a different meaning:\n\t\t“Association” means the National Association of Insurance Commissioners.\n\t\t“Closing disclosure” means the combined mortgage loan disclosure statement of final loan terms and closing costs prescribed under the Real Estate Settlement Procedures Act of 1974 (RESPA)(12 U.S.C. \u00a7 2601 et seq.) and Consumer Financial Protection Bureau Regulation X (12 C.F.R. Part 1024) and Regulation Z (12 C.F.R. Part 1026).\n\t\t“Commission” means the State Corporation Commission.\n\t\t“Escrow” means written instruments, money, or other items deposited by a party with a settlement agent for delivery to other persons upon the performance of specified conditions or the happening of a certain event.\n\t\t“Escrow, closing, or settlement services” means the administrative and clerical services required to carry out the terms of contracts affecting real estate. These services include placing orders for title insurance, receiving and issuing receipts for money received from the parties, ordering loan checks and payoffs, ordering surveys and inspections, preparing settlement statements or closing disclosures, determining that all closing documents conform to the parties’ contract requirements, setting the closing appointment, following up with the parties to ensure that the transaction progresses to closing, ascertaining that the lenders’ instructions have been satisfied, conducting a closing conference at which the documents are executed, receiving and disbursing funds, completing form documents and instruments selected by and in accordance with instructions of the parties to the transaction, handling or arranging for the recording of documents, sending recorded documents to the lender, sending the recorded deed and the title policy to the buyer, and reporting federal income tax information for the real estate sale to the Internal Revenue Service.\n\t\t“Lay real estate settlement agent” means a person who (i) is not licensed as an attorney under Chapter 39 (\u00a7 54.1-3900 et seq.) of Title 54.1; (ii) is not a party to the real estate transaction; (iii) provides escrow, closing, or settlement services in connection with a transaction related to any real estate in the Commonwealth; and (iv) is listed as the settlement agent on the settlement statement or closing disclosure for such transaction.\n\t\t“Licensing authority” means the (i) Commission acting pursuant to this chapter, Title 6.2, Title 12.1, or Title 38.2; (ii) the Virginia State Bar acting pursuant to this chapter or Chapter 39 (\u00a7 54.1-3900 et seq.) of Title 54.1; or (iii) the Real Estate Board acting pursuant to this chapter or Chapter 21 (\u00a7 54.1-2100 et seq.) of Title 54.1.\n\t\t“Party to the real estate transaction” means, with respect to that real estate transaction, a lender, seller, purchaser, or borrower and, with respect to a corporate purchaser, any entity that is a subsidiary of or under common ownership with that corporate purchaser.\n\t\t“Settlement agent” means a person, other than a party to the real estate transaction, that provides escrow, closing, or settlement services in connection with a transaction related to real estate in the Commonwealth and that is listed as the settlement agent on the settlement statement or closing disclosure for such transaction. Any person, other than a party to the transaction, who conducts the settlement conference and receives or handles money shall be deemed a “settlement agent” subject to the applicable requirements of this chapter.\n\t\t“Settlement statement” means the statement of receipts and disbursements for a transaction related to real estate, including a statement prescribed under the Real Estate Settlement Procedures Act of 1974 (RESPA)(12 U.S.C. \u00a7 2601 et seq.), as amended, and the regulations thereunder.","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1}},"ancestry":[{"id":15275,"edition_id":1,"name":"Real Estate Settlement Agents","identifier":"10","label":"chapter","depth":3,"order_by":1,"parent_id":13524,"metadata":{},"date_created":"2026-06-26 03:53:31","date_modified":"2026-06-26 03:53:31","permalink":{"id":245371,"object_type":"structure","relational_id":15275,"identifier":"10","token":"55.1\/II\/10","url":"\/55.1\/II\/10\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13524,"edition_id":1,"name":"Real Estate Settlements and Recordation","identifier":"II","label":"subtitle","depth":2,"order_by":1,"parent_id":12707,"metadata":{},"date_created":"2026-06-26 03:45:07","date_modified":"2026-06-26 03:45:07","permalink":{"id":245369,"object_type":"structure","relational_id":13524,"identifier":"II","token":"55.1\/II","url":"\/55.1\/II\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12707,"edition_id":1,"name":"Property and Conveyances","identifier":"55.1","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:43:49","date_modified":"2026-06-26 03:43:49","permalink":{"id":244769,"object_type":"structure","relational_id":12707,"identifier":"55.1","token":"55.1","url":"\/55.1\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":80642,"structure_id":15275,"section_number":"55.1-1000","catch_line":"Definitions","url":"\/55.1-1000\/","token":"55.1\/II\/10\/55.1-1000","metadata":false},{"id":83132,"structure_id":15275,"section_number":"55.1-1001","catch_line":"Limitation on applicability of chapter","url":"\/55.1-1001\/","token":"55.1\/II\/10\/55.1-1001","metadata":false},{"id":79138,"structure_id":15275,"section_number":"55.1-1002","catch_line":"Scope of chapter; lay real estate settlement agents","url":"\/55.1-1002\/","token":"55.1\/II\/10\/55.1-1002","metadata":false},{"id":77232,"structure_id":15275,"section_number":"55.1-1003","catch_line":"Persons who may act as a settlement agent","url":"\/55.1-1003\/","token":"55.1\/II\/10\/55.1-1003","metadata":false},{"id":68373,"structure_id":15275,"section_number":"55.1-1004","catch_line":"Duties of settlement agents","url":"\/55.1-1004\/","token":"55.1\/II\/10\/55.1-1004","metadata":false},{"id":69907,"structure_id":15275,"section_number":"55.1-1005","catch_line":"Persons prohibited from assisting or being employed by settlement agents","url":"\/55.1-1005\/","token":"55.1\/II\/10\/55.1-1005","metadata":false},{"id":73624,"structure_id":15275,"section_number":"55.1-1006","catch_line":"Choice of settlement agent","url":"\/55.1-1006\/","token":"55.1\/II\/10\/55.1-1006","metadata":false},{"id":58611,"structure_id":15275,"section_number":"55.1-1007","catch_line":"Disclosure","url":"\/55.1-1007\/","token":"55.1\/II\/10\/55.1-1007","metadata":false},{"id":58141,"structure_id":15275,"section_number":"55.1-1008","catch_line":"Conditions for providing escrow, closing, or settlement services and for maintaining escrow accounts","url":"\/55.1-1008\/","token":"55.1\/II\/10\/55.1-1008","metadata":false},{"id":82868,"structure_id":15275,"section_number":"55.1-1009","catch_line":"Falsifying settlement statements prohibited","url":"\/55.1-1009\/","token":"55.1\/II\/10\/55.1-1009","metadata":false},{"id":72074,"structure_id":15275,"section_number":"55.1-1009.1","catch_line":"Prohibition against payment or receipt of settlement services kickbacks, rebates, commissions, and other payments","url":"\/55.1-1009.1\/","token":"55.1\/II\/10\/55.1-1009.1","metadata":false},{"id":69513,"structure_id":15275,"section_number":"55.1-1010","catch_line":"Separate charge for reporting transactions limited","url":"\/55.1-1010\/","token":"55.1\/II\/10\/55.1-1010","metadata":false},{"id":84855,"structure_id":15275,"section_number":"55.1-1011","catch_line":"Record retention requirements","url":"\/55.1-1011\/","token":"55.1\/II\/10\/55.1-1011","metadata":false},{"id":71946,"structure_id":15275,"section_number":"55.1-1012","catch_line":"Regulations and orders","url":"\/55.1-1012\/","token":"55.1\/II\/10\/55.1-1012","metadata":false},{"id":59279,"structure_id":15275,"section_number":"55.1-1013","catch_line":"Accounting by title insurance companies","url":"\/55.1-1013\/","token":"55.1\/II\/10\/55.1-1013","metadata":false},{"id":70071,"structure_id":15275,"section_number":"55.1-1014","catch_line":"Settlement agent registration requirements and compliance with unauthorized practice of law guidelines; civil penalty","url":"\/55.1-1014\/","token":"55.1\/II\/10\/55.1-1014","metadata":false},{"id":65576,"structure_id":15275,"section_number":"55.1-1015","catch_line":"Penalties and liabilities","url":"\/55.1-1015\/","token":"55.1\/II\/10\/55.1-1015","metadata":false},{"id":69153,"structure_id":15275,"section_number":"55.1-1015.1","catch_line":"Civil penalties; attorney fees","url":"\/55.1-1015.1\/","token":"55.1\/II\/10\/55.1-1015.1","metadata":false},{"id":79216,"structure_id":15275,"section_number":"55.1-1016","catch_line":"Confidentiality of information obtained by the Commission","url":"\/55.1-1016\/","token":"55.1\/II\/10\/55.1-1016","metadata":false}],"next_section":{"id":83132,"structure_id":15275,"section_number":"55.1-1001","catch_line":"Limitation on applicability of chapter","url":"\/55.1-1001\/","token":"55.1\/II\/10\/55.1-1001","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/55.1-1000\/","history_text":"

This law was first created in 1997. The record of its establishment is cataloged in chapter 716<\/a> of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year. It has been modified 6 times. Those modifications are cataloged by \u201cThe Acts of Assembly,\u201d a state publication, by year and chapter. Those modifications that can be read on the General Assembly\u2019s website will be linked accordingly. Those modifications are as follows: in 1998, chapters 69<\/a> and 598<\/a>; in 1999, chapter 647<\/a>; in 2002, chapter 375<\/a>; in 2010, chapter 794<\/a>; in 2016, chapter 619<\/a>; in 2019, chapter 712<\/a>.<\/p>","references":[{"id":67482,"section_number":"38.2-1800","catch_line":"Definitions","order_by":null,"url":"\/38.2-1800\/"},{"id":77150,"section_number":"38.2-1810","catch_line":"Report of acts deemed larceny under \u00a7 18.2-111; privileged communications; attorney for the Commonwealth to be informed","order_by":null,"url":"\/38.2-1810\/"},{"id":80572,"section_number":"54.1-2131","catch_line":"Licensees engaged by sellers","order_by":null,"url":"\/54.1-2131\/"},{"id":73912,"section_number":"54.1-2132","catch_line":"Licensees engaged by buyers","order_by":null,"url":"\/54.1-2132\/"},{"id":58611,"section_number":"55.1-1007","catch_line":"Disclosure","order_by":null,"url":"\/55.1-1007\/"},{"id":65321,"section_number":"55.1-1800","catch_line":"Definitions","order_by":null,"url":"\/55.1-1800\/"},{"id":55215,"section_number":"55.1-1900","catch_line":"Definitions","order_by":null,"url":"\/55.1-1900\/"},{"id":85397,"section_number":"55.1-2307","catch_line":"Definitions","order_by":null,"url":"\/55.1-2307\/"},{"id":86492,"section_number":"55.1-3100","catch_line":"Definitions","order_by":null,"url":"\/55.1-3100\/"},{"id":70828,"section_number":"55.1-3102","catch_line":"Certificate of release and affidavit of settlement agent","order_by":null,"url":"\/55.1-3102\/"},{"id":82066,"section_number":"55.1-339","catch_line":"Release of deed of trust or other lien","order_by":null,"url":"\/55.1-339\/"},{"id":64322,"section_number":"55.1-347","catch_line":"Definitions","order_by":null,"url":"\/55.1-347\/"},{"id":56898,"section_number":"55.1-906","catch_line":"Disclosure of charges for appraisal or valuation using automated or other valuation mechanism","order_by":null,"url":"\/55.1-906\/"},{"id":55296,"section_number":"6.2-328","catch_line":"Charges allowed on loan secured by subordinate mortgage","order_by":null,"url":"\/6.2-328\/"}],"refers_to":[{"id":74059,"section_number":"54.1-2100","catch_line":"Definitions","order_by":null,"url":"\/54.1-2100\/"},{"id":73725,"section_number":"54.1-3900","catch_line":"Practice of law; student internship program; definition","order_by":null,"url":"\/54.1-3900\/"}],"permalink":{"id":245373,"object_type":"law","relational_id":80642,"identifier":"55.1-1000","token":"55.1\/II\/10\/55.1-1000","url":"\/55.1-1000\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/55.1-1000\/","token":"55.1\/II\/10\/55.1-1000","dublin_core":{"Title":"Definitions","Type":"Text","Format":"text\/html","Identifier":"\u00a7 55.1-1000","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

As used in this chapter, unless the context requires a different meaning:\n\t\t“Association<\/span>” means the National Association<\/span> of Insurance Commissioners.\n\t\t“Closing disclosure<\/span>” means the combined mortgage loan disclosure statement<\/span> of final loan terms and closing costs prescribed under the Real Estate Settlement Procedures Act of 1974 (RESPA)(12 U.S.C. \u00a7 2601 et seq.) and Consumer Financial Protection Bureau Regulation X (12 C.F.R. Part 1024) and Regulation Z (12 C.F.R. Part 1026).\n\t\t“Commission<\/span>” means the State Corporation Commission<\/span>.\n\t\t“Escrow<\/span>” means written instruments, money, or other items deposited by a party<\/span> with a settlement agent for delivery to other persons upon the performance of specified conditions or the happening of a certain event.\n\t\t“Escrow<\/span>, closing, or settlement services<\/span>” means the administrative and clerical services required to carry out the terms of contracts<\/span> affecting real estate. These services include placing orders<\/span> for title insurance, receiving and issuing receipts for money received from the parties, ordering loan checks and payoffs, ordering surveys and inspections, preparing settlement statements<\/span> or closing disclosures<\/span>, determining that all closing documents conform to the parties’ contract<\/span> requirements, setting the closing appointment, following up with the parties to ensure that the transaction progresses to closing, ascertaining that the lenders’ instructions have been satisfied, conducting a closing conference at which the documents are executed, receiving and disbursing funds, completing form documents and instruments selected by and in accordance with instructions of the parties to the transaction, handling or arranging for the recording of documents, sending recorded documents to the lender, sending the recorded deed and the title policy to the buyer, and reporting federal income tax information for the real estate sale to the Internal Revenue Service.\n\t\t“Lay real estate settlement agent<\/span>” means a person who (i) is not licensed as an attorney under Chapter 39 (\u00a7 54.1-3900<\/a> et seq.) of Title 54.1; (ii) is not a party<\/span> to the real estate transaction; (iii) provides escrow<\/span>, closing, or settlement services<\/span> in connection with a transaction related to any real estate in the Commonwealth; and (iv) is listed as the settlement agent on the settlement statement<\/span> or closing disclosure<\/span> for such transaction.\n\t\t“Licensing authority<\/span>” means the (i) Commission<\/span> acting pursuant to this chapter, Title 6.2, Title 12.1, or Title 38.2; (ii) the Virginia State Bar acting pursuant to this chapter or Chapter 39 (\u00a7 54.1-3900<\/a> et seq.) of Title 54.1; or (iii) the Real Estate Board acting pursuant to this chapter or Chapter 21 (\u00a7 54.1-2100<\/a> et seq.) of Title 54.1.\n\t\t“Party<\/span> to the real estate transaction” means, with respect to that real estate transaction, a lender, seller, purchaser, or borrower and, with respect to a corporate purchaser, any entity that is a subsidiary of or under common ownership with that corporate purchaser.\n\t\t“Settlement agent” means a person, other than a party<\/span> to the real estate transaction, that provides escrow<\/span>, closing, or settlement services<\/span> in connection with a transaction related to real estate in the Commonwealth and that is listed as the settlement agent on the settlement statement<\/span> or closing disclosure<\/span> for such transaction. Any person, other than a party<\/span> to the transaction, who conducts the settlement conference and receives or handles money shall be deemed a “settlement agent” subject to the applicable requirements of this chapter.\n\t\t“Settlement statement<\/span>” means the statement of receipts and disbursements for a transaction related to real estate, including a statement prescribed under the Real Estate Settlement Procedures Act of 1974 (RESPA)(12 U.S.C. \u00a7 2601 et seq.), as amended, and the regulations thereunder.<\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nDEFINITIONS (\u00a7 55.1-1000)\n\nAs used in this chapter, unless the context requires a different meaning:\n\t\t“Association” means the National Association of Insurance\nCommissioners.\n\t\t“Closing disclosure” means the combined mortgage loan disclosure\nstatement of final loan terms and closing costs prescribed under the Real Estate\nSettlement Procedures Act of 1974 (RESPA)(12 U.S.C. \u00a7 2601 et seq.) and\nConsumer Financial Protection Bureau Regulation X (12 C.F.R. Part 1024) and\nRegulation Z (12 C.F.R. Part 1026).\n\t\t“Commission” means the State Corporation Commission.\n\t\t“Escrow” means written instruments, money, or other items\ndeposited by a party with a settlement agent for delivery to other persons upon\nthe performance of specified conditions or the happening of a certain event.\n\t\t“Escrow, closing, or settlement services” means the administrative\nand clerical services required to carry out the terms of contracts affecting\nreal estate. These services include placing orders for title insurance,\nreceiving and issuing receipts for money received from the parties, ordering\nloan checks and payoffs, ordering surveys and inspections, preparing settlement\nstatements or closing disclosures, determining that all closing documents\nconform to the parties’ contract requirements, setting the closing\nappointment, following up with the parties to ensure that the transaction\nprogresses to closing, ascertaining that the lenders’ instructions have\nbeen satisfied, conducting a closing conference at which the documents are\nexecuted, receiving and disbursing funds, completing form documents and\ninstruments selected by and in accordance with instructions of the parties to\nthe transaction, handling or arranging for the recording of documents, sending\nrecorded documents to the lender, sending the recorded deed and the title policy\nto the buyer, and reporting federal income tax information for the real estate\nsale to the Internal Revenue Service.\n\t\t“Lay real estate settlement agent” means a person who (i) is not\nlicensed as an attorney under Chapter 39 (\u00a7 54.1-3900 et seq.) of Title 54.1;\n(ii) is not a party to the real estate transaction; (iii) provides escrow,\nclosing, or settlement services in connection with a transaction related to any\nreal estate in the Commonwealth; and (iv) is listed as the settlement agent on\nthe settlement statement or closing disclosure for such transaction.\n\t\t“Licensing authority” means the (i) Commission acting pursuant to\nthis chapter, Title 6.2, Title 12.1, or Title 38.2; (ii) the Virginia State Bar\nacting pursuant to this chapter or Chapter 39 (\u00a7 54.1-3900 et seq.) of Title\n54.1; or (iii) the Real Estate Board acting pursuant to this chapter or Chapter\n21 (\u00a7 54.1-2100 et seq.) of Title 54.1.\n\t\t“Party to the real estate transaction” means, with respect to that\nreal estate transaction, a lender, seller, purchaser, or borrower and, with\nrespect to a corporate purchaser, any entity that is a subsidiary of or under\ncommon ownership with that corporate purchaser.\n\t\t“Settlement agent” means a person, other than a party to the real\nestate transaction, that provides escrow, closing, or settlement services in\nconnection with a transaction related to real estate in the Commonwealth and\nthat is listed as the settlement agent on the settlement statement or closing\ndisclosure for such transaction. Any person, other than a party to the\ntransaction, who conducts the settlement conference and receives or handles\nmoney shall be deemed a “settlement agent” subject to the applicable\nrequirements of this chapter.\n\t\t“Settlement statement” means the statement of receipts and\ndisbursements for a transaction related to real estate, including a statement\nprescribed under the Real Estate Settlement Procedures Act of 1974 (RESPA)(12\nU.S.C. \u00a7 2601 et seq.), as amended, and the regulations thereunder.\n\nHISTORY: 1997, c. 716, \u00a7 6.1-2.20; 1998, cc. 69, 598; 1999, c. 647, \u00a7\n6.1-2.32; 2002, c. 375; 2010, c. 794, \u00a7 55-525.16; 2016, c. 619; 2019, c. 712.","edition":{"id":1,"name":"2025","slug":"2025","date_created":"2026-06-21 22:39:22","date_modified":"2026-06-21 22:39:22","current":1,"order_by":1,"last_import":null}}