                                 CODE OF VIRGINIA

NOTIFICATION TO BUYERS OF THE AVAILABILITY OF OWNER&#8217;S TITLE INSURANCE (§
38.2-4616)

In connection with any transaction involving the purchase or sale of an interest
in residential real property in this Commonwealth, the settlement agent as
defined in § 55.1-900, before the disbursement of any funds, shall obtain from
the purchaser a statement in writing that he has been notified by the settlement
agent that the purchaser may wish to obtain owner&#8217;s title insurance
coverage including affirmative mechanics&#8217; lien coverage, if available, and
of the general nature of such coverage, and that the purchaser does or does not
desire such coverage.  The notification shall include language that the value of
subsequent improvements to the property may not be covered.
		The failure of a settlement agent to provide the information requested by this
section shall not of itself be deemed to create a cause of action that would not
otherwise exist.

HISTORY: 1992, c. 733.