                                 CODE OF VIRGINIA

CHOICE OF SETTLEMENT AGENT (§ 55.1-1006)

A purchaser or borrower in a transaction related to real estate in the
Commonwealth shall have the right to select the settlement agent to provide
escrow, closing, or settlement services in connection with the transaction. The
seller in such a transaction may not require the use of a particular settlement
agent as a condition of the sale of the property. Nothing in this chapter shall
prohibit a seller from retaining an attorney licensed pursuant to Chapter 39 (§
54.1-3900 et seq.) of Title 54.1 to represent his interests and provide legal
advice pertaining to escrow, closing, or settlement services. Such
representation may include deed preparation, fee negotiation, and review of
applicable documents and advising the seller on any legal matters related to the
settlement or closing process. The settlement agent may not collect any fees
from a represented seller payable to the settlement agent or its subsidiaries,
affiliates, or subcontractors without first obtaining the written consent of the
seller&#8217;s counsel.

HISTORY: 2009, c. 140, § 6.1-2.21:1; 2010, c. 794, § 55-525.22; 2019, c. 712;
2022, cc. 669, 670; 2023, c. 493.