{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/55.1-903.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/55.1-903.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/55.1-903.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/55.1-903.html"}],"law_id":67904,"edition_id":1,"section_id":67904,"structure_id":14903,"section_number":"55.1-903","catch_line":"Duty of settlement agent","history":"1980, c. 730, \u00a7 6.1-2.13; 1987, c. 576; 1992, c. 733; 1996, c. 883; 2010, c. 794, \u00a7 55-525.11; 2019, c. 712.","full_text":"The settlement agent shall cause recordation of the deed, the deed of trust, or the mortgage or other documents required to be recorded and shall cause disbursement of settlement proceeds within two business days of settlement. A settlement agent may not disburse any or all loan funds or other funds coming into its possession prior to the recordation of any instrument except (i) funds received that are overpayments to be returned to the provider of such funds, (ii) funds necessary to effect the recordation of instruments, or (iii) funds that the provider has by separate written instrument directed to be disbursed prior to recordation of any instrument. Additionally, in any transaction involving the purchase or sale of an interest in residential real property, the settlement agent shall provide notification to the purchaser of the availability of owner’s title insurance as required under \u00a7 38.2-4616.","order_by":null,"text":{"0":{"id":245977,"text":"The settlement agent shall cause recordation of the deed, the deed of trust, or the mortgage or other documents required to be recorded and shall cause disbursement of settlement proceeds within two business days of settlement. A settlement agent may not disburse any or all loan funds or other funds coming into its possession prior to the recordation of any instrument except (i) funds received that are overpayments to be returned to the provider of such funds, (ii) funds necessary to effect the recordation of instruments, or (iii) funds that the provider has by separate written instrument directed to be disbursed prior to recordation of any instrument. Additionally, in any transaction involving the purchase or sale of an interest in residential real property, the settlement agent shall provide notification to the purchaser of the availability of owner’s title insurance as required under \u00a7 38.2-4616.","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1}},"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}],"previous_section":{"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},"next_section":{"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},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/55.1-903\/","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 5 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 1987, chapter 576; in 1992, chapter 733; in 1996, chapter 883<\/a>; in 2010, chapter 794<\/a>; in 2019, chapter 712<\/a>.<\/p>","references":[{"id":58141,"section_number":"55.1-1008","catch_line":"Conditions for providing escrow, closing, or settlement services and for maintaining escrow accounts","order_by":null,"url":"\/55.1-1008\/"}],"refers_to":[{"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\/"}],"permalink":{"id":245863,"object_type":"law","relational_id":67904,"identifier":"55.1-903","token":"55.1\/II\/9\/55.1-903","url":"\/55.1-903\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/55.1-903\/","token":"55.1\/II\/9\/55.1-903","dublin_core":{"Title":"Duty of settlement agent","Type":"Text","Format":"text\/html","Identifier":"\u00a7 55.1-903","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

The settlement agent<\/span> shall cause recordation of the deed, the deed of trust, or the mortgage or other documents required to be recorded and shall cause disbursement of settlement proceeds<\/span> within two business days of settlement. A settlement agent<\/span> may not disburse any or all loan funds<\/span> or other funds coming into its possession<\/span> prior to the recordation of any instrument except (i) funds received that are overpayments to be returned to the provider of such funds, (ii) funds necessary to effect the recordation of instruments, or (iii) funds that the provider has by separate written instrument directed to be disbursed prior to recordation of any instrument. Additionally, in any transaction involving the purchase or sale of an interest in residential real property, the settlement agent<\/span> shall provide notification to the purchaser of the availability of owner’s title insurance as required under \u00a7 38.2-4616<\/a>.<\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nDUTY OF SETTLEMENT AGENT (\u00a7 55.1-903)\n\nThe settlement agent shall cause recordation of the deed, the deed of trust, or\nthe mortgage or other documents required to be recorded and shall cause\ndisbursement of settlement proceeds within two business days of settlement. A\nsettlement agent may not disburse any or all loan funds or other funds coming\ninto its possession prior to the recordation of any instrument except (i) funds\nreceived that are overpayments to be returned to the provider of such funds,\n(ii) funds necessary to effect the recordation of instruments, or (iii) funds\nthat the provider has by separate written instrument directed to be disbursed\nprior to recordation of any instrument. Additionally, in any transaction\ninvolving the purchase or sale of an interest in residential real property, the\nsettlement agent shall provide notification to the purchaser of the availability\nof owner’s title insurance as required under \u00a7 38.2-4616.\n\nHISTORY: 1980, c. 730, \u00a7 6.1-2.13; 1987, c. 576; 1992, c. 733; 1996, c. 883;\n2010, c. 794, \u00a7 55-525.11; 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}}