                                 CODE OF VIRGINIA

DISCLOSURE (§ 55.1-1007)

All contracts involving the purchase of real estate containing not more than
four residential dwelling units shall include in at least 10-point boldface type
the following language:
		&#8220;Choice of Settlement Agent: Chapter 10 (§ 55.1-1000 et seq.) of Title
55.1 of the Code of Virginia provides that the purchaser or borrower has the
right to select the settlement agent to handle the closing of this transaction.
The settlement agent&#8217;s role in closing this transaction involves the
coordination of numerous administrative and clerical functions relating to the
collection of documents and the collection and disbursement of funds required to
carry out the terms of the contract between the parties. If part of the purchase
price is financed, the lender for the purchaser will instruct the settlement
agent as to the signing and recording of loan documents and the disbursement of
loan proceeds. No settlement agent can provide legal advice to any party to the
transaction except a settlement agent who is engaged in the private practice of
law in Virginia and who has been retained or engaged by a party to the
transaction for the purpose of providing legal services to that party. No
settlement agent may 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.
		&#8220;Variation by agreement: The provisions of Chapter 10 (§ 55.1-1000 et
seq.) of Title 55.1 of the Code of Virginia may not be varied by agreement, and
rights conferred by this chapter may not be waived. The seller may not require
the use of a particular settlement agent as a condition of the sale of the
property.
		&#8220;Escrow, closing, and settlement services guidelines: The Virginia State
Bar issues guidelines to help settlement agents avoid and prevent the
unauthorized practice of law in connection with furnishing escrow, settlement,
or closing services. As a party to a real estate transaction, the purchaser or
borrower is entitled to receive a copy of these guidelines from his settlement
agent, upon request, in accordance with the provisions of Chapter 10 (§
55.1-1000 et seq.) of Title 55.1 of the Code of Virginia.&#8221;

HISTORY: 1997, c. 716, § 6.1-2.22; 2009, c. 140; 2010, c. 794, § 55-525.23;
2019, c. 712; 2023, c. 493.