{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/6.2-418.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/6.2-418.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/6.2-418.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/6.2-418.html"}],"law_id":81416,"edition_id":1,"section_id":81416,"structure_id":13385,"section_number":"6.2-418","catch_line":"Property owner entitled to written statement of payoff amount","history":"1987, c. 622, \u00a7 6.1-330.82; 2010, c. 794.","full_text":"A\n\nIf an obligation is secured by the lien of a deed of trust or mortgage on real estate, and the owner of the real estate is entitled to prepay the obligation secured by the deed of trust or mortgage, the owner shall be entitled to receive from the holder of the obligation a written statement setting forth the total amount to be paid as of a particular date in order to obtain a release of the deed of trust or mortgage.B\n\nThe holder of the obligation secured by the deed of trust or mortgage shall mail or deliver such written statement of the payoff amount to the property owner or his designee within 10 business days of the receipt of a written request for such payoff information from the property owner or his designee if the request contains the loan number and the address or other description of the location of the subject premises.C\n\nUpon payment in full of the obligation, the holder shall promptly cause the cancelled loan documents to be forwarded to the owner or his designee.D\n\nAn inadvertent error made in the calculation of the payoff amount shall neither release the obligor from the requirement to pay the full amount due under the contract of indebtedness, nor release the holder of the contract of indebtedness from the requirement to return any overpayment to the obligor or his designee.E\n\nA request for payoff information under this section may be made one time within a 12-month period without charge, and a fee not exceeding $15 may be charged for each additional request made within such period.","order_by":null,"text":{"0":{"id":291746,"text":"If an obligation is secured by the lien of a deed of trust or mortgage on real estate, and the owner of the real estate is entitled to prepay the obligation secured by the deed of trust or mortgage, the owner shall be entitled to receive from the holder of the obligation a written statement setting forth the total amount to be paid as of a particular date in order to obtain a release of the deed of trust or mortgage.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":291747,"text":"The holder of the obligation secured by the deed of trust or mortgage shall mail or deliver such written statement of the payoff amount to the property owner or his designee within 10 business days of the receipt of a written request for such payoff information from the property owner or his designee if the request contains the loan number and the address or other description of the location of the subject premises.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"C"},"2":{"id":291748,"text":"Upon payment in full of the obligation, the holder shall promptly cause the cancelled loan documents to be forwarded to the owner or his designee.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B","next_prefix":"D"},"3":{"id":291749,"text":"An inadvertent error made in the calculation of the payoff amount shall neither release the obligor from the requirement to pay the full amount due under the contract of indebtedness, nor release the holder of the contract of indebtedness from the requirement to return any overpayment to the obligor or his designee.","type":"section","prefixes":["D"],"prefix":"D","entire_prefix":"D","prefix_anchor":"D","level":1,"prior_prefix":"C","next_prefix":"E"},"4":{"id":291750,"text":"A request for payoff information under this section may be made one time within a 12-month period without charge, and a fee not exceeding $15 may be charged for each additional request made within such period.","type":"section","prefixes":["E"],"prefix":"E","entire_prefix":"E","prefix_anchor":"E","level":1,"prior_prefix":"D"}},"ancestry":[{"id":13385,"edition_id":1,"name":"Loans Secured by Lien on Real Estate","identifier":"2","label":"article","depth":4,"order_by":1,"parent_id":12854,"metadata":{},"date_created":"2026-06-26 03:44:46","date_modified":"2026-06-26 03:44:46","permalink":{"id":263491,"object_type":"structure","relational_id":13385,"identifier":"2","token":"6.2\/I\/4\/2","url":"\/6.2\/I\/4\/2\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12854,"edition_id":1,"name":"Certain Lending 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03:43:56","permalink":{"id":263249,"object_type":"structure","relational_id":12852,"identifier":"6.2","token":"6.2","url":"\/6.2\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":68627,"structure_id":13385,"section_number":"6.2-406","catch_line":"Disclosure of terms of mortgage application","url":"\/6.2-406\/","token":"6.2\/I\/4\/2\/6.2-406","metadata":false},{"id":76659,"structure_id":13385,"section_number":"6.2-407","catch_line":"Lenders to furnish borrower with copy of appraisal","url":"\/6.2-407\/","token":"6.2\/I\/4\/2\/6.2-407","metadata":false},{"id":73416,"structure_id":13385,"section_number":"6.2-408","catch_line":"Priority of interest on debts secured by mortgage or deed of trust","url":"\/6.2-408\/","token":"6.2\/I\/4\/2\/6.2-408","metadata":false},{"id":55630,"structure_id":13385,"section_number":"6.2-409","catch_line":"Addition of unpaid interest to principal balance","url":"\/6.2-409\/","token":"6.2\/I\/4\/2\/6.2-409","metadata":false},{"id":86582,"structure_id":13385,"section_number":"6.2-410","catch_line":"Borrowers not to be required to employ particular professionals","url":"\/6.2-410\/","token":"6.2\/I\/4\/2\/6.2-410","metadata":false},{"id":86576,"structure_id":13385,"section_number":"6.2-411","catch_line":"Requirements relating to insurance","url":"\/6.2-411\/","token":"6.2\/I\/4\/2\/6.2-411","metadata":false},{"id":75246,"structure_id":13385,"section_number":"6.2-412","catch_line":"Insurance coverage under certain loans not to exceed replacement value of improvements","url":"\/6.2-412\/","token":"6.2\/I\/4\/2\/6.2-412","metadata":false},{"id":79804,"structure_id":13385,"section_number":"6.2-413","catch_line":"Obligation of lender to reimburse unused mortgage guaranty insurance premiums","url":"\/6.2-413\/","token":"6.2\/I\/4\/2\/6.2-413","metadata":false},{"id":70580,"structure_id":13385,"section_number":"6.2-414","catch_line":"Obligation of person maintaining escrow account to pay taxes and insurance; penalties","url":"\/6.2-414\/","token":"6.2\/I\/4\/2\/6.2-414","metadata":false},{"id":84302,"structure_id":13385,"section_number":"6.2-415","catch_line":"Lender not to cancel insurance policy at time of refinancing under certain circumstances","url":"\/6.2-415\/","token":"6.2\/I\/4\/2\/6.2-415","metadata":false},{"id":59737,"structure_id":13385,"section_number":"6.2-416","catch_line":"Certain mortgages not to prohibit further encumbrance of real property","url":"\/6.2-416\/","token":"6.2\/I\/4\/2\/6.2-416","metadata":false},{"id":72706,"structure_id":13385,"section_number":"6.2-417","catch_line":"Mortgage or deed of trust to contain notice that debt is subject to call or modification on conveyance of property","url":"\/6.2-417\/","token":"6.2\/I\/4\/2\/6.2-417","metadata":false},{"id":81416,"structure_id":13385,"section_number":"6.2-418","catch_line":"Property owner entitled to written statement of payoff amount","url":"\/6.2-418\/","token":"6.2\/I\/4\/2\/6.2-418","metadata":false},{"id":76947,"structure_id":13385,"section_number":"6.2-419","catch_line":"Disclosure of terms of assumption","url":"\/6.2-419\/","token":"6.2\/I\/4\/2\/6.2-419","metadata":false},{"id":82644,"structure_id":13385,"section_number":"6.2-420","catch_line":"Prepayment penalty not to be collected in certain circumstances","url":"\/6.2-420\/","token":"6.2\/I\/4\/2\/6.2-420","metadata":false},{"id":76124,"structure_id":13385,"section_number":"6.2-421","catch_line":"Certain contracts to permit prepayment; amount of prepayment penalty","url":"\/6.2-421\/","token":"6.2\/I\/4\/2\/6.2-421","metadata":false},{"id":54357,"structure_id":13385,"section_number":"6.2-422","catch_line":"Prepayment penalty for loan secured by home occupied by borrower","url":"\/6.2-422\/","token":"6.2\/I\/4\/2\/6.2-422","metadata":false},{"id":61310,"structure_id":13385,"section_number":"6.2-423","catch_line":"Prepayment of loans secured by certain subordinate mortgages or deeds of trust; rebates for unearned interest","url":"\/6.2-423\/","token":"6.2\/I\/4\/2\/6.2-423","metadata":false}],"previous_section":{"id":72706,"structure_id":13385,"section_number":"6.2-417","catch_line":"Mortgage or deed of trust to contain notice that debt is subject to call or modification on conveyance of property","url":"\/6.2-417\/","token":"6.2\/I\/4\/2\/6.2-417","metadata":false},"next_section":{"id":76947,"structure_id":13385,"section_number":"6.2-419","catch_line":"Disclosure of terms of assumption","url":"\/6.2-419\/","token":"6.2\/I\/4\/2\/6.2-419","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/6.2-418\/","history_text":"

This law was first created in 1987. The record of its establishment is cataloged in chapter 622 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 1987 \u201cActs\u201d aren\u2019t available online. It has been modified 1 time. 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. That modification is as follows: in 2010, chapter 794<\/a>.<\/p>","references":false,"refers_to":false,"permalink":{"id":263541,"object_type":"law","relational_id":81416,"identifier":"6.2-418","token":"6.2\/I\/4\/2\/6.2-418","url":"\/6.2-418\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/6.2-418\/","token":"6.2\/I\/4\/2\/6.2-418","dublin_core":{"Title":"Property owner entitled to written statement of payoff amount","Type":"Text","Format":"text\/html","Identifier":"\u00a7 6.2-418","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> If an obligation is secured by the lien<\/span> of a deed of trust or mortgage on real estate, and the owner of the real estate is entitled to prepay the obligation secured by the deed of trust or mortgage, the owner shall be entitled to receive from the holder of the obligation a written statement setting forth the total amount to be paid as of a particular date in order<\/span> to obtain a release of the deed of trust or mortgage. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> The holder of the obligation secured by the deed of trust or mortgage shall mail or deliver such written statement of the payoff amount to the property owner or his designee within 10 business days of the receipt of a written request for such payoff information from the property owner or his designee if the request contains the loan number and the address or other description of the location of the subject premises. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> Upon payment in full of the obligation, the holder shall promptly cause the cancelled loan documents to be forwarded to the owner or his designee. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

D.<\/span> An inadvertent error made in the calculation of the payoff amount shall neither release the obligor from the requirement to pay the full amount due under the contract<\/span> of indebtedness, nor release the holder of the contract<\/span> of indebtedness from the requirement to return any overpayment to the obligor or his designee. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

E.<\/span> A request for payoff information under this section may be made one time within a 12-month period without charge, and a fee not exceeding $15 may be charged for each additional request made within such period. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nPROPERTY OWNER ENTITLED TO WRITTEN STATEMENT OF PAYOFF AMOUNT (\u00a7 6.2-418)\n\nA. If an obligation is secured by the lien of a deed of trust or mortgage on\nreal estate, and the owner of the real estate is entitled to prepay the\nobligation secured by the deed of trust or mortgage, the owner shall be entitled\nto receive from the holder of the obligation a written statement setting forth\nthe total amount to be paid as of a particular date in order to obtain a release\nof the deed of trust or mortgage.\n\nB. The holder of the obligation secured by the deed of trust or mortgage shall\nmail or deliver such written statement of the payoff amount to the property\nowner or his designee within 10 business days of the receipt of a written\nrequest for such payoff information from the property owner or his designee if\nthe request contains the loan number and the address or other description of the\nlocation of the subject premises.\n\nC. Upon payment in full of the obligation, the holder shall promptly cause the\ncancelled loan documents to be forwarded to the owner or his designee.\n\nD. An inadvertent error made in the calculation of the payoff amount shall\nneither release the obligor from the requirement to pay the full amount due\nunder the contract of indebtedness, nor release the holder of the contract of\nindebtedness from the requirement to return any overpayment to the obligor or\nhis designee.\n\nE. A request for payoff information under this section may be made one time\nwithin a 12-month period without charge, and a fee not exceeding $15 may be\ncharged for each additional request made within such period.\n\nHISTORY: 1987, c. 622, \u00a7 6.1-330.82; 2010, c. 794.","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}}