{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/6.2-419.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/6.2-419.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/6.2-419.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/6.2-419.html"}],"law_id":76947,"edition_id":1,"section_id":76947,"structure_id":13385,"section_number":"6.2-419","catch_line":"Disclosure of terms of assumption","history":"1982, c. 233, \u00a7 6.1-2.9:3; 1990, c. 7; 2010, c. 794.","full_text":"A\n\nAn owner of residential real estate that is improved by the construction thereon of housing consisting of four or fewer dwelling units and encumbered by a mortgage or deed of trust shall have the right, upon written request to any holder of the obligation secured by the mortgage or deed of trust, to receive a written disclosure of whether the holder will permit a qualified purchaser to assume the mortgage or deed of trust. If the answer is in the affirmative, the holder shall disclose the following information regarding the terms of such assumption:1\n\nThe rate of interest to be assumed, which may vary with an exterior standard;2\n\nThe balance of the escrow account, if any;3\n\nAny fees and charges to be assessed by the holder against the seller and buyer in connection with the assumption;4\n\nUsual limitations or requirements placed on the assumption; and5\n\nOther terms and conditions of the assumption deemed pertinent by the holder.B\n\nThe holder shall state the time period during which the terms disclosed pursuant to subsection A shall be valid, together with any limitations thereon.C\n\nAny holder receiving such a written request from an owner shall respond in writing within 10 business days of the receipt of the request.D\n\nAny holder receiving a second or subsequent written request with respect to the same mortgage or deed of trust within any 12-month period may charge a fee, not to exceed $15, for each additional request. The fee shall be paid in advance.","order_by":null,"text":{"0":{"id":276161,"text":"An owner of residential real estate that is improved by the construction thereon of housing consisting of four or fewer dwelling units and encumbered by a mortgage or deed of trust shall have the right, upon written request to any holder of the obligation secured by the mortgage or deed of trust, to receive a written disclosure of whether the holder will permit a qualified purchaser to assume the mortgage or deed of trust. If the answer is in the affirmative, the holder shall disclose the following information regarding the terms of such assumption:","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"A1"},"1":{"id":276162,"text":"The rate of interest to be assumed, which may vary with an exterior standard;","type":"section","prefixes":["A","1"],"prefix":"1","entire_prefix":"A1","prefix_anchor":"A1","level":2,"prior_prefix":"A","next_prefix":"A2"},"2":{"id":276163,"text":"The balance of the escrow account, if any;","type":"section","prefixes":["A","2"],"prefix":"2","entire_prefix":"A2","prefix_anchor":"A2","level":2,"prior_prefix":"A1","next_prefix":"A3"},"3":{"id":276164,"text":"Any fees and charges to be assessed by the holder against the seller and buyer in connection with the assumption;","type":"section","prefixes":["A","3"],"prefix":"3","entire_prefix":"A3","prefix_anchor":"A3","level":2,"prior_prefix":"A2","next_prefix":"A4"},"4":{"id":276165,"text":"Usual limitations or requirements placed on the assumption; and","type":"section","prefixes":["A","4"],"prefix":"4","entire_prefix":"A4","prefix_anchor":"A4","level":2,"prior_prefix":"A3","next_prefix":"A5"},"5":{"id":276166,"text":"Other terms and conditions of the assumption deemed pertinent by the holder.","type":"section","prefixes":["A","5"],"prefix":"5","entire_prefix":"A5","prefix_anchor":"A5","level":2,"prior_prefix":"A4","next_prefix":"B"},"6":{"id":276167,"text":"The holder shall state the time period during which the terms disclosed pursuant to subsection A shall be valid, together with any limitations thereon.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A5","next_prefix":"C"},"7":{"id":276168,"text":"Any holder receiving such a written request from an owner shall respond in writing within 10 business days of the receipt of the request.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B","next_prefix":"D"},"8":{"id":276169,"text":"Any holder receiving a second or subsequent written request with respect to the same mortgage or deed of trust within any 12-month period may charge a fee, not to exceed $15, for each additional request. The fee shall be paid in advance.","type":"section","prefixes":["D"],"prefix":"D","entire_prefix":"D","prefix_anchor":"D","level":1,"prior_prefix":"C"}},"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 Practices","identifier":"4","label":"chapter","depth":3,"order_by":1,"parent_id":12853,"metadata":{},"date_created":"2026-06-26 03:43:56","date_modified":"2026-06-26 03:43:56","permalink":{"id":263463,"object_type":"structure","relational_id":12854,"identifier":"4","token":"6.2\/I\/4","url":"\/6.2\/I\/4\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12853,"edition_id":1,"name":"General Provisions","identifier":"I","label":"subtitle","depth":2,"order_by":1,"parent_id":12852,"metadata":{},"date_created":"2026-06-26 03:43:56","date_modified":"2026-06-26 03:43:56","permalink":{"id":263251,"object_type":"structure","relational_id":12853,"identifier":"I","token":"6.2\/I","url":"\/6.2\/I\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12852,"edition_id":1,"name":"Financial Institutions and Services","identifier":"6.2","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:43:56","date_modified":"2026-06-26 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":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},"next_section":{"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},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/6.2-419\/","history_text":"

This law was first created in 1982. The record of its establishment is cataloged in chapter 233 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 1982 \u201cActs\u201d aren\u2019t available online. It has been modified 2 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 1990, chapter 7; in 2010, chapter 794<\/a>.<\/p>","references":false,"refers_to":false,"permalink":{"id":263545,"object_type":"law","relational_id":76947,"identifier":"6.2-419","token":"6.2\/I\/4\/2\/6.2-419","url":"\/6.2-419\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/6.2-419\/","token":"6.2\/I\/4\/2\/6.2-419","dublin_core":{"Title":"Disclosure of terms of assumption","Type":"Text","Format":"text\/html","Identifier":"\u00a7 6.2-419","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> An owner of residential real estate that is improved by the construction thereon of housing consisting of four or fewer dwelling units and encumbered by a mortgage or deed of trust shall have the right, upon written request to any holder of the obligation secured by the mortgage or deed of trust, to receive a written disclosure of whether the holder will permit a qualified purchaser to assume the mortgage or deed of trust. If the answer is in the affirmative, the holder shall disclose the following information regarding the terms of such assumption: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> The rate of interest to be assumed, which may vary with an exterior standard; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> The balance of the escrow account, if any; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> Any fees and charges to be assessed by the holder against the seller and buyer in connection with the assumption; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

4.<\/span> Usual limitations or requirements placed on the assumption; and <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

5.<\/span> Other terms and conditions of the assumption deemed pertinent by the holder. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> The holder shall state the time period during which the terms disclosed pursuant to subsection A shall be valid, together with any limitations thereon. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> Any holder receiving such a written request from an owner shall respond in writing within 10 business days of the receipt of the request. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

D.<\/span> Any holder receiving a second or subsequent written request with respect to the same mortgage or deed of trust within any 12-month period may charge a fee, not to exceed $15, for each additional request. The fee shall be paid in advance. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nDISCLOSURE OF TERMS OF ASSUMPTION (\u00a7 6.2-419)\n\nA. An owner of residential real estate that is improved by the construction\nthereon of housing consisting of four or fewer dwelling units and encumbered by\na mortgage or deed of trust shall have the right, upon written request to any\nholder of the obligation secured by the mortgage or deed of trust, to receive a\nwritten disclosure of whether the holder will permit a qualified purchaser to\nassume the mortgage or deed of trust. If the answer is in the affirmative, the\nholder shall disclose the following information regarding the terms of such\nassumption:\n\n 1. The rate of interest to be assumed, which may vary with an exterior\n standard;\n\n 2. The balance of the escrow account, if any;\n\n 3. Any fees and charges to be assessed by the holder against the seller and\n buyer in connection with the assumption;\n\n 4. Usual limitations or requirements placed on the assumption; and\n\n 5. Other terms and conditions of the assumption deemed pertinent by the\n holder.\n\nB. The holder shall state the time period during which the terms disclosed\npursuant to subsection A shall be valid, together with any limitations thereon.\n\nC. Any holder receiving such a written request from an owner shall respond in\nwriting within 10 business days of the receipt of the request.\n\nD. Any holder receiving a second or subsequent written request with respect to\nthe same mortgage or deed of trust within any 12-month period may charge a fee,\nnot to exceed $15, for each additional request. The fee shall be paid in\nadvance.\n\nHISTORY: 1982, c. 233, \u00a7 6.1-2.9:3; 1990, c. 7; 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}}