{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/55.1-900.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/55.1-900.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/55.1-900.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/55.1-900.html"}],"law_id":79247,"edition_id":1,"section_id":79247,"structure_id":14903,"section_number":"55.1-900","catch_line":"Definitions","history":"1980, c. 730, \u00a7 6.1-2.10; 1981, c. 86; 1984, c. 118; 1987, cc. 576, 577; 1990, c. 340; 1991, c. 254; 1999, c. 109; 2008, c. 514; 2010, c. 794, \u00a7 55-525.8; 2019, c. 712.","full_text":"As used in this chapter, unless the context requires a different meaning:\n\t\t“Disbursement of loan funds” means the delivery of the loan funds by the lender to the settlement agent in one or more of the following forms:\n\n1\n\nCash;2\n\nWired funds;3\n\nCertified check;4\n\nChecks issued by the Commonwealth or a political subdivision of the Commonwealth;5\n\nCashier’s check, or teller’s check with equivalent funds availability in conformity with the federal Expedited Funds Availability Act (12 U.S.C. § 4001 et seq.);6\n\nChecks issued by a financial institution, the accounts of which are insured by an agency of the federal or state government, which checks are drawn on a financial institution located within the Fifth Federal Reserve District, the accounts of which are insured by an agency of the federal or state government;7\n\nDrafts issued by a state chartered or federally chartered credit union;8\n\nChecks issued by an insurance company licensed and regulated by the State Corporation Commission, which checks are drawn on a financial institution located within the Fifth Federal Reserve District, the accounts of which are insured by an agency of the federal government; or9\n\nChecks issued by a state or federal savings and loan association or savings bank operating in the Commonwealth, which checks are drawn on the Federal Home Loan Bank of Atlanta.\n\t\t\t“Disbursement of settlement proceeds” means the payment of all proceeds of the transaction by the settlement agent to the persons entitled to such proceeds.\n\t\t\t“Lender” means any person regularly engaged in making loans secured by mortgages or deeds of trust on real estate.\n\t\t\t“Loan closing” means the time agreed upon by the borrower and lender, when the execution of the loan documents by the borrower occurs.\n\t\t\t“Loan documents” means the note evidencing the debt due the lender, the deed of trust, or the mortgage securing the debt due the lender and any other documents required by the lender to be executed by the borrower as a part of the transaction.\n\t\t\t“Loan funds” means the gross or net proceeds of the loan to be disbursed by the lender at loan closing.\n\t\t\t“Settlement” means the time when the settlement agent has received the duly executed deed, loan funds, loan documents, and other documents and funds required to carry out the terms of the contract between the parties and the settlement agent reasonably determines that prerecordation conditions of such contracts have been satisfied. A determination by a settlement agent that prerecordation conditions have been satisfied shall not control the rights and obligations of the parties under the contract, including whether settlement has occurred under the terms and conditions of the contract. “Parties,” as used in this definition, means the seller, purchaser, borrower, lender, and settlement agent.\n\t\t\t“Settlement agent” means the person responsible for conducting the settlement and disbursement of the settlement proceeds and includes any individual, corporation, partnership, or other entity conducting the settlement and disbursement of loan proceeds.\n\t\t\t“Settlement service provider” means any person providing settlement services, as that term is defined under the federal Real Estate Settlement Procedures Act (12 U.S.C. § 2601 et seq.).\n\t\t\t“Thing of value” means any payment, advance, funds, loan, service, or other consideration.","order_by":null,"text":{"0":{"id":283737,"text":"As used in this chapter, unless the context requires a different meaning:\n\t\t“Disbursement of loan funds” means the delivery of the loan funds by the lender to the settlement agent in one or more of the following forms:","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1,"next_prefix":"1"},"1":{"id":283738,"text":"Cash;","type":"section","prefixes":["1"],"prefix":"1","entire_prefix":"1","prefix_anchor":"1","level":1,"prior_prefix":"","next_prefix":"2"},"2":{"id":283739,"text":"Wired funds;","type":"section","prefixes":["2"],"prefix":"2","entire_prefix":"2","prefix_anchor":"2","level":1,"prior_prefix":"1","next_prefix":"3"},"3":{"id":283740,"text":"Certified check;","type":"section","prefixes":["3"],"prefix":"3","entire_prefix":"3","prefix_anchor":"3","level":1,"prior_prefix":"2","next_prefix":"4"},"4":{"id":283741,"text":"Checks issued by the Commonwealth or a political subdivision of the Commonwealth;","type":"section","prefixes":["4"],"prefix":"4","entire_prefix":"4","prefix_anchor":"4","level":1,"prior_prefix":"3","next_prefix":"5"},"5":{"id":283742,"text":"Cashier’s check, or teller’s check with equivalent funds availability in conformity with the federal Expedited Funds Availability Act (12 U.S.C. § 4001 et seq.);","type":"section","prefixes":["5"],"prefix":"5","entire_prefix":"5","prefix_anchor":"5","level":1,"prior_prefix":"4","next_prefix":"6"},"6":{"id":283743,"text":"Checks issued by a financial institution, the accounts of which are insured by an agency of the federal or state government, which checks are drawn on a financial institution located within the Fifth Federal Reserve District, the accounts of which are insured by an agency of the federal or state government;","type":"section","prefixes":["6"],"prefix":"6","entire_prefix":"6","prefix_anchor":"6","level":1,"prior_prefix":"5","next_prefix":"7"},"7":{"id":283744,"text":"Drafts issued by a state chartered or federally chartered credit union;","type":"section","prefixes":["7"],"prefix":"7","entire_prefix":"7","prefix_anchor":"7","level":1,"prior_prefix":"6","next_prefix":"8"},"8":{"id":283745,"text":"Checks issued by an insurance company licensed and regulated by the State Corporation Commission, which checks are drawn on a financial institution located within the Fifth Federal Reserve District, the accounts of which are insured by an agency of the federal government; or","type":"section","prefixes":["8"],"prefix":"8","entire_prefix":"8","prefix_anchor":"8","level":1,"prior_prefix":"7","next_prefix":"9"},"9":{"id":283746,"text":"Checks issued by a state or federal savings and loan association or savings bank operating in the Commonwealth, which checks are drawn on the Federal Home Loan Bank of Atlanta.\n\t\t\t“Disbursement of settlement proceeds” means the payment of all proceeds of the transaction by the settlement agent to the persons entitled to such proceeds.\n\t\t\t“Lender” means any person regularly engaged in making loans secured by mortgages or deeds of trust on real estate.\n\t\t\t“Loan closing” means the time agreed upon by the borrower and lender, when the execution of the loan documents by the borrower occurs.\n\t\t\t“Loan documents” means the note evidencing the debt due the lender, the deed of trust, or the mortgage securing the debt due the lender and any other documents required by the lender to be executed by the borrower as a part of the transaction.\n\t\t\t“Loan funds” means the gross or net proceeds of the loan to be disbursed by the lender at loan closing.\n\t\t\t“Settlement” means the time when the settlement agent has received the duly executed deed, loan funds, loan documents, and other documents and funds required to carry out the terms of the contract between the parties and the settlement agent reasonably determines that prerecordation conditions of such contracts have been satisfied. A determination by a settlement agent that prerecordation conditions have been satisfied shall not control the rights and obligations of the parties under the contract, including whether settlement has occurred under the terms and conditions of the contract. “Parties,” as used in this definition, means the seller, purchaser, borrower, lender, and settlement agent.\n\t\t\t“Settlement agent” means the person responsible for conducting the settlement and disbursement of the settlement proceeds and includes any individual, corporation, partnership, or other entity conducting the settlement and disbursement of loan proceeds.\n\t\t\t“Settlement service provider” means any person providing settlement services, as that term is defined under the federal Real Estate Settlement Procedures Act (12 U.S.C. § 2601 et seq.).\n\t\t\t“Thing of value” means any payment, advance, funds, loan, service, or other consideration.","type":"section","prefixes":["9"],"prefix":"9","entire_prefix":"9","prefix_anchor":"9","level":1,"prior_prefix":"8"}},"ancestry":[{"id":14903,"edition_id":1,"name":"Real Estate Settlements","identifier":"9","label":"chapter","depth":3,"order_by":1,"parent_id":13524,"metadata":{},"date_created":"2026-06-26 03:50:41","date_modified":"2026-06-26 03:50:41","permalink":{"id":245849,"object_type":"structure","relational_id":14903,"identifier":"9","token":"55.1\/II\/9","url":"\/55.1\/II\/9\/","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":79247,"structure_id":14903,"section_number":"55.1-900","catch_line":"Definitions","url":"\/55.1-900\/","token":"55.1\/II\/9\/55.1-900","metadata":false},{"id":84919,"structure_id":14903,"section_number":"55.1-901","catch_line":"Applicability; effect of noncompliance","url":"\/55.1-901\/","token":"55.1\/II\/9\/55.1-901","metadata":false},{"id":63887,"structure_id":14903,"section_number":"55.1-902","catch_line":"Duty of lender","url":"\/55.1-902\/","token":"55.1\/II\/9\/55.1-902","metadata":false},{"id":67904,"structure_id":14903,"section_number":"55.1-903","catch_line":"Duty of settlement agent","url":"\/55.1-903\/","token":"55.1\/II\/9\/55.1-903","metadata":false},{"id":62791,"structure_id":14903,"section_number":"55.1-904","catch_line":"Repealed","url":"\/55.1-904\/","token":"55.1\/II\/9\/55.1-904","metadata":false},{"id":74930,"structure_id":14903,"section_number":"55.1-905","catch_line":"Disclosure of affiliated business by settlement service providers","url":"\/55.1-905\/","token":"55.1\/II\/9\/55.1-905","metadata":false},{"id":56898,"structure_id":14903,"section_number":"55.1-906","catch_line":"Disclosure of charges for appraisal or valuation using automated or other valuation mechanism","url":"\/55.1-906\/","token":"55.1\/II\/9\/55.1-906","metadata":false},{"id":81795,"structure_id":14903,"section_number":"55.1-907","catch_line":"Penalty","url":"\/55.1-907\/","token":"55.1\/II\/9\/55.1-907","metadata":false}],"next_section":{"id":84919,"structure_id":14903,"section_number":"55.1-901","catch_line":"Applicability; effect of noncompliance","url":"\/55.1-901\/","token":"55.1\/II\/9\/55.1-901","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/55.1-900\/","history_text":"

This law was first created in 1980. The record of its establishment is cataloged in chapter 730 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. Unfortunately, the 1980 \u201cActs\u201d aren\u2019t available online. It has been modified 9 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 1981, chapter 86; in 1984, chapter 118; in 1987, chapters 576 and 577; in 1990, chapter 340; in 1991, chapter 254; in 1999, chapter 109<\/a>; in 2008, chapter 514<\/a>; in 2010, chapter 794<\/a>; in 2019, chapter 712<\/a>.<\/p>","references":[{"id":57124,"section_number":"38.2-4616","catch_line":"Notification to buyers of the availability of owner's title insurance","order_by":null,"url":"\/38.2-4616\/"},{"id":73387,"section_number":"43-4.01","catch_line":"Posting of building permit; identification of mechanics' lien agent in building permit; notice to mechanics' lien agent; effect of notice","order_by":null,"url":"\/43-4.01\/"},{"id":70516,"section_number":"55.1-2218","catch_line":"Certain advertising practices regulated","order_by":null,"url":"\/55.1-2218\/"},{"id":69740,"section_number":"6.2-888","catch_line":"Real estate brokerage business of controlled subsidiary","order_by":null,"url":"\/6.2-888\/"}],"refers_to":false,"permalink":{"id":245851,"object_type":"law","relational_id":79247,"identifier":"55.1-900","token":"55.1\/II\/9\/55.1-900","url":"\/55.1-900\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/55.1-900\/","token":"55.1\/II\/9\/55.1-900","dublin_core":{"Title":"Definitions","Type":"Text","Format":"text\/html","Identifier":"\u00a7 55.1-900","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“Disbursement of loan funds<\/span>” means the delivery of the loan funds by the lender<\/span> to the settlement agent<\/span> in one or more of the following forms:<\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> Cash; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> Wired funds; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> Certified check; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

4.<\/span> Checks issued by the Commonwealth or a political subdivision of the Commonwealth; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

5.<\/span> Cashier’s check, or teller’s check with equivalent funds availability in conformity with the federal Expedited Funds Availability Act (12 U.S.C. § 4001 et seq.); <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

6.<\/span> Checks issued by a financial institution, the accounts of which are insured by an agency of the federal or state government, which checks are drawn on a financial institution located within the Fifth Federal Reserve District, the accounts of which are insured by an agency of the federal or state government; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

7.<\/span> Drafts issued by a state chartered or federally chartered credit union; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

8.<\/span> Checks issued by an insurance company licensed and regulated by the State Corporation Commission, which checks are drawn on a financial institution located within the Fifth Federal Reserve District, the accounts of which are insured by an agency of the federal government; or <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

9.<\/span> Checks issued by a state or federal savings and loan association or savings bank operating in the Commonwealth, which checks are drawn on the Federal Home Loan Bank of Atlanta.\n\t\t\t“Disbursement of settlement proceeds<\/span>” means the payment of all proceeds of the transaction by the settlement agent<\/span> to the persons entitled to such proceeds.\n\t\t\t“Lender<\/span>” means any person regularly engaged in making loans secured by mortgages or deeds of trust on real estate.\n\t\t\t“Loan closing<\/span>” means the time agreed upon by the borrower and lender<\/span>, when the execution of the loan documents<\/span> by the borrower occurs.\n\t\t\t“Loan documents<\/span>” means the note evidencing the debt due the lender<\/span>, the deed of trust, or the mortgage securing the debt due the lender<\/span> and any other documents required by the lender<\/span> to be executed by the borrower as a part of the transaction.\n\t\t\t“Loan funds” means the gross or net proceeds of the loan to be disbursed by the lender<\/span> at loan closing<\/span>.\n\t\t\t“Settlement” means the time when the settlement agent<\/span> has received the duly executed deed, loan funds, loan documents<\/span>, and other documents and funds required to carry out the terms of the contract<\/span> between the parties and the settlement agent<\/span> reasonably determines that prerecordation conditions of such contracts<\/span> have been satisfied. A determination by a settlement agent<\/span> that prerecordation conditions have been satisfied shall not control the rights and obligations of the parties under the contract<\/span>, including whether settlement has occurred under the terms and conditions of the contract<\/span>. “Parties,” as used in this definition, means the seller, purchaser, borrower, lender<\/span>, and settlement agent<\/span>.\n\t\t\t“Settlement agent<\/span>” means the person responsible for conducting the settlement and disbursement of the settlement proceeds and includes any individual, corporation, partnership, or other entity conducting the settlement and disbursement of loan proceeds.\n\t\t\t“Settlement service provider<\/span>” means any person providing settlement services, as that term is defined under the federal Real Estate Settlement Procedures Act (12 U.S.C. § 2601 et seq.).\n\t\t\t“Thing of value<\/span>” means any payment, advance, funds, loan, service, or other consideration. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nDEFINITIONS (\u00a7 55.1-900)\n\nAs used in this chapter, unless the context requires a different meaning:\n\t\t“Disbursement of loan funds” means the delivery of the loan funds\nby the lender to the settlement agent in one or more of the following forms:\n\n1. Cash;\n\n2. Wired funds;\n\n3. Certified check;\n\n4. Checks issued by the Commonwealth or a political subdivision of the\nCommonwealth;\n\n5. Cashier’s check, or teller’s check with equivalent funds\navailability in conformity with the federal Expedited Funds Availability Act (12\nU.S.C. § 4001 et seq.);\n\n6. Checks issued by a financial institution, the accounts of which are insured\nby an agency of the federal or state government, which checks are drawn on a\nfinancial institution located within the Fifth Federal Reserve District, the\naccounts of which are insured by an agency of the federal or state government;\n\n7. Drafts issued by a state chartered or federally chartered credit union;\n\n8. Checks issued by an insurance company licensed and regulated by the State\nCorporation Commission, which checks are drawn on a financial institution\nlocated within the Fifth Federal Reserve District, the accounts of which are\ninsured by an agency of the federal government; or\n\n9. Checks issued by a state or federal savings and loan association or savings\nbank operating in the Commonwealth, which checks are drawn on the Federal Home\nLoan Bank of Atlanta.\n\t\t\t“Disbursement of settlement proceeds” means the payment of all\nproceeds of the transaction by the settlement agent to the persons entitled to\nsuch proceeds.\n\t\t\t“Lender” means any person regularly engaged in making loans\nsecured by mortgages or deeds of trust on real estate.\n\t\t\t“Loan closing” means the time agreed upon by the borrower and\nlender, when the execution of the loan documents by the borrower occurs.\n\t\t\t“Loan documents” means the note evidencing the debt due the\nlender, the deed of trust, or the mortgage securing the debt due the lender and\nany other documents required by the lender to be executed by the borrower as a\npart of the transaction.\n\t\t\t“Loan funds” means the gross or net proceeds of the loan to be\ndisbursed by the lender at loan closing.\n\t\t\t“Settlement” means the time when the settlement agent has\nreceived the duly executed deed, loan funds, loan documents, and other documents\nand funds required to carry out the terms of the contract between the parties\nand the settlement agent reasonably determines that prerecordation conditions of\nsuch contracts have been satisfied. A determination by a settlement agent that\nprerecordation conditions have been satisfied shall not control the rights and\nobligations of the parties under the contract, including whether settlement has\noccurred under the terms and conditions of the contract. “Parties,”\nas used in this definition, means the seller, purchaser, borrower, lender, and\nsettlement agent.\n\t\t\t“Settlement agent” means the person responsible for conducting\nthe settlement and disbursement of the settlement proceeds and includes any\nindividual, corporation, partnership, or other entity conducting the settlement\nand disbursement of loan proceeds.\n\t\t\t“Settlement service provider” means any person providing\nsettlement services, as that term is defined under the federal Real Estate\nSettlement Procedures Act (12 U.S.C. § 2601 et seq.).\n\t\t\t“Thing of value” means any payment, advance, funds, loan,\nservice, or other consideration.\n\nHISTORY: 1980, c. 730, \u00a7 6.1-2.10; 1981, c. 86; 1984, c. 118; 1987, cc. 576,\n577; 1990, c. 340; 1991, c. 254; 1999, c. 109; 2008, c. 514; 2010, c. 794, \u00a7\n55-525.8; 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}}