                                 CODE OF VIRGINIA

DEFINITIONS (§ 55.1-1000)

As used in this chapter, unless the context requires a different meaning:
		&#8220;Association&#8221; means the National Association of Insurance
Commissioners.
		&#8220;Closing disclosure&#8221; means the combined mortgage loan disclosure
statement of final loan terms and closing costs prescribed under the Real Estate
Settlement Procedures Act of 1974 (RESPA)(12 U.S.C. § 2601 et seq.) and
Consumer Financial Protection Bureau Regulation X (12 C.F.R. Part 1024) and
Regulation Z (12 C.F.R. Part 1026).
		&#8220;Commission&#8221; means the State Corporation Commission.
		&#8220;Escrow&#8221; means written instruments, money, or other items
deposited by a party with a settlement agent for delivery to other persons upon
the performance of specified conditions or the happening of a certain event.
		&#8220;Escrow, closing, or settlement services&#8221; means the administrative
and clerical services required to carry out the terms of contracts affecting
real estate. These services include placing orders for title insurance,
receiving and issuing receipts for money received from the parties, ordering
loan checks and payoffs, ordering surveys and inspections, preparing settlement
statements or closing disclosures, determining that all closing documents
conform to the parties&#8217; contract requirements, setting the closing
appointment, following up with the parties to ensure that the transaction
progresses to closing, ascertaining that the lenders&#8217; instructions have
been satisfied, conducting a closing conference at which the documents are
executed, receiving and disbursing funds, completing form documents and
instruments selected by and in accordance with instructions of the parties to
the transaction, handling or arranging for the recording of documents, sending
recorded documents to the lender, sending the recorded deed and the title policy
to the buyer, and reporting federal income tax information for the real estate
sale to the Internal Revenue Service.
		&#8220;Lay real estate settlement agent&#8221; means a person who (i) is not
licensed as an attorney under Chapter 39 (§ 54.1-3900 et seq.) of Title 54.1;
(ii) is not a party to the real estate transaction; (iii) provides escrow,
closing, or settlement services in connection with a transaction related to any
real estate in the Commonwealth; and (iv) is listed as the settlement agent on
the settlement statement or closing disclosure for such transaction.
		&#8220;Licensing authority&#8221; means the (i) Commission acting pursuant to
this chapter, Title 6.2, Title 12.1, or Title 38.2; (ii) the Virginia State Bar
acting pursuant to this chapter or Chapter 39 (§ 54.1-3900 et seq.) of Title
54.1; or (iii) the Real Estate Board acting pursuant to this chapter or Chapter
21 (§ 54.1-2100 et seq.) of Title 54.1.
		&#8220;Party to the real estate transaction&#8221; means, with respect to that
real estate transaction, a lender, seller, purchaser, or borrower and, with
respect to a corporate purchaser, any entity that is a subsidiary of or under
common ownership with that corporate purchaser.
		&#8220;Settlement agent&#8221; means a person, other than a party to the real
estate transaction, that provides escrow, closing, or settlement services in
connection with a transaction related to real estate in the Commonwealth and
that is listed as the settlement agent on the settlement statement or closing
disclosure for such transaction. Any person, other than a party to the
transaction, who conducts the settlement conference and receives or handles
money shall be deemed a &#8220;settlement agent&#8221; subject to the applicable
requirements of this chapter.
		&#8220;Settlement statement&#8221; means the statement of receipts and
disbursements for a transaction related to real estate, including a statement
prescribed under the Real Estate Settlement Procedures Act of 1974 (RESPA)(12
U.S.C. § 2601 et seq.), as amended, and the regulations thereunder.

HISTORY: 1997, c. 716, § 6.1-2.20; 1998, cc. 69, 598; 1999, c. 647, §
6.1-2.32; 2002, c. 375; 2010, c. 794, § 55-525.16; 2016, c. 619; 2019, c. 712.