{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/55.1-1007.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/55.1-1007.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/55.1-1007.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/55.1-1007.html"}],"law_id":58611,"edition_id":1,"section_id":58611,"structure_id":15275,"section_number":"55.1-1007","catch_line":"Disclosure","history":"1997, c. 716, \u00a7 6.1-2.22; 2009, c. 140; 2010, c. 794, \u00a7 55-525.23; 2019, c. 712; 2023, c. 493.","full_text":"All contracts involving the purchase of real estate containing not more than four residential dwelling units shall include in at least 10-point boldface type the following language:\n\t\t“Choice of Settlement Agent: Chapter 10 (\u00a7 55.1-1000 et seq.) of Title 55.1 of the Code of Virginia provides that the purchaser or borrower has the right to select the settlement agent to handle the closing of this transaction. The settlement agent’s role in closing this transaction involves the coordination of numerous administrative and clerical functions relating to the collection of documents and the collection and disbursement of funds required to carry out the terms of the contract between the parties. If part of the purchase price is financed, the lender for the purchaser will instruct the settlement agent as to the signing and recording of loan documents and the disbursement of loan proceeds. No settlement agent can provide legal advice to any party to the transaction except a settlement agent who is engaged in the private practice of law in Virginia and who has been retained or engaged by a party to the transaction for the purpose of providing legal services to that party. No settlement agent may collect any fees from a represented seller payable to the settlement agent or its subsidiaries, affiliates, or subcontractors without first obtaining the written consent of the seller’s counsel.\n\t\t“Variation by agreement: The provisions of Chapter 10 (\u00a7 55.1-1000 et seq.) of Title 55.1 of the Code of Virginia may not be varied by agreement, and rights conferred by this chapter may not be waived. The seller may not require the use of a particular settlement agent as a condition of the sale of the property.\n\t\t“Escrow, closing, and settlement services guidelines: The Virginia State Bar issues guidelines to help settlement agents avoid and prevent the unauthorized practice of law in connection with furnishing escrow, settlement, or closing services. As a party to a real estate transaction, the purchaser or borrower is entitled to receive a copy of these guidelines from his settlement agent, upon request, in accordance with the provisions of Chapter 10 (\u00a7 55.1-1000 et seq.) of Title 55.1 of the Code of Virginia.”","order_by":null,"text":{"0":{"id":214797,"text":"All contracts involving the purchase of real estate containing not more than four residential dwelling units shall include in at least 10-point boldface type the following language:\n\t\t“Choice of Settlement Agent: Chapter 10 (\u00a7 55.1-1000 et seq.) of Title 55.1 of the Code of Virginia provides that the purchaser or borrower has the right to select the settlement agent to handle the closing of this transaction. The settlement agent’s role in closing this transaction involves the coordination of numerous administrative and clerical functions relating to the collection of documents and the collection and disbursement of funds required to carry out the terms of the contract between the parties. If part of the purchase price is financed, the lender for the purchaser will instruct the settlement agent as to the signing and recording of loan documents and the disbursement of loan proceeds. No settlement agent can provide legal advice to any party to the transaction except a settlement agent who is engaged in the private practice of law in Virginia and who has been retained or engaged by a party to the transaction for the purpose of providing legal services to that party. No settlement agent may collect any fees from a represented seller payable to the settlement agent or its subsidiaries, affiliates, or subcontractors without first obtaining the written consent of the seller’s counsel.\n\t\t“Variation by agreement: The provisions of Chapter 10 (\u00a7 55.1-1000 et seq.) of Title 55.1 of the Code of Virginia may not be varied by agreement, and rights conferred by this chapter may not be waived. The seller may not require the use of a particular settlement agent as a condition of the sale of the property.\n\t\t“Escrow, closing, and settlement services guidelines: The Virginia State Bar issues guidelines to help settlement agents avoid and prevent the unauthorized practice of law in connection with furnishing escrow, settlement, or closing services. As a party to a real estate transaction, the purchaser or borrower is entitled to receive a copy of these guidelines from his settlement agent, upon request, in accordance with the provisions of Chapter 10 (\u00a7 55.1-1000 et seq.) of Title 55.1 of the Code of Virginia.”","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}],"previous_section":{"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},"next_section":{"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},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/55.1-1007\/","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 4 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 2009, chapter 140<\/a>; in 2010, chapter 794<\/a>; in 2019, chapter 712<\/a>; in 2023, chapter 493<\/a>.<\/p>","references":false,"refers_to":[{"id":80642,"section_number":"55.1-1000","catch_line":"Definitions","order_by":null,"url":"\/55.1-1000\/"}],"permalink":{"id":245401,"object_type":"law","relational_id":58611,"identifier":"55.1-1007","token":"55.1\/II\/10\/55.1-1007","url":"\/55.1-1007\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/55.1-1007\/","token":"55.1\/II\/10\/55.1-1007","dublin_core":{"Title":"Disclosure","Type":"Text","Format":"text\/html","Identifier":"\u00a7 55.1-1007","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

All contracts<\/span> involving the purchase of real estate containing not more than four residential dwelling units shall include in at least 10-point boldface type the following language:\n\t\t“Choice of Settlement Agent<\/span>: Chapter 10 (\u00a7 55.1-1000<\/a> et seq.) of Title 55.1 of the Code of Virginia provides that the purchaser or borrower has the right to select the settlement agent<\/span> to handle the closing of this transaction. The settlement agent<\/span>’s role in closing this transaction involves the coordination of numerous administrative and clerical functions relating to the collection of documents and the collection and disbursement of funds required to carry out the terms of the contract<\/span> between the parties. If part of the purchase price is financed, the lender for the purchaser will instruct the settlement agent<\/span> as to the signing and recording of loan documents and the disbursement of loan proceeds. No settlement agent<\/span> can provide legal advice to any party<\/span> to the transaction except a settlement agent<\/span> who is engaged in the private practice of law<\/span> in Virginia and who has been retained or engaged by a party<\/span> to the transaction for the purpose of providing legal services to that party<\/span>. No settlement agent<\/span> may collect any fees from a represented seller payable to the settlement agent<\/span> or its subsidiaries, affiliates, or subcontractors without first obtaining the written consent of the seller’s counsel<\/span>.\n\t\t“Variation by agreement: The provisions of Chapter 10 (\u00a7 55.1-1000<\/a> et seq.) of Title 55.1 of the Code of Virginia may not be varied by agreement, and rights conferred by this chapter may not be waived. The seller may not require the use of a particular settlement agent<\/span> as a condition of the sale of the property.\n\t\t“Escrow<\/span>, closing, and settlement services guidelines: The Virginia State Bar issues<\/span> guidelines to help settlement agents<\/span> avoid and prevent the unauthorized practice of law<\/span> in connection with furnishing escrow<\/span>, settlement, or closing services. As a party<\/span> to a real estate transaction, the purchaser or borrower is entitled to receive a copy of these guidelines from his settlement agent<\/span>, upon request, in accordance with the provisions of Chapter 10 (\u00a7 55.1-1000<\/a> et seq.) of Title 55.1 of the Code of Virginia.”<\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nDISCLOSURE (\u00a7 55.1-1007)\n\nAll contracts involving the purchase of real estate containing not more than\nfour residential dwelling units shall include in at least 10-point boldface type\nthe following language:\n\t\t“Choice of Settlement Agent: Chapter 10 (\u00a7 55.1-1000 et seq.) of Title\n55.1 of the Code of Virginia provides that the purchaser or borrower has the\nright to select the settlement agent to handle the closing of this transaction.\nThe settlement agent’s role in closing this transaction involves the\ncoordination of numerous administrative and clerical functions relating to the\ncollection of documents and the collection and disbursement of funds required to\ncarry out the terms of the contract between the parties. If part of the purchase\nprice is financed, the lender for the purchaser will instruct the settlement\nagent as to the signing and recording of loan documents and the disbursement of\nloan proceeds. No settlement agent can provide legal advice to any party to the\ntransaction except a settlement agent who is engaged in the private practice of\nlaw in Virginia and who has been retained or engaged by a party to the\ntransaction for the purpose of providing legal services to that party. No\nsettlement agent may collect any fees from a represented seller payable to the\nsettlement agent or its subsidiaries, affiliates, or subcontractors without\nfirst obtaining the written consent of the seller’s counsel.\n\t\t“Variation by agreement: The provisions of Chapter 10 (\u00a7 55.1-1000 et\nseq.) of Title 55.1 of the Code of Virginia may not be varied by agreement, and\nrights conferred by this chapter may not be waived. The seller may not require\nthe use of a particular settlement agent as a condition of the sale of the\nproperty.\n\t\t“Escrow, closing, and settlement services guidelines: The Virginia State\nBar issues guidelines to help settlement agents avoid and prevent the\nunauthorized practice of law in connection with furnishing escrow, settlement,\nor closing services. As a party to a real estate transaction, the purchaser or\nborrower is entitled to receive a copy of these guidelines from his settlement\nagent, upon request, in accordance with the provisions of Chapter 10 (\u00a7\n55.1-1000 et seq.) of Title 55.1 of the Code of Virginia.”\n\nHISTORY: 1997, c. 716, \u00a7 6.1-2.22; 2009, c. 140; 2010, c. 794, \u00a7 55-525.23;\n2019, c. 712; 2023, c. 493.","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}}