                                 CODE OF VIRGINIA

DUTY OF SETTLEMENT AGENT (§ 55.1-903)

The settlement agent shall cause recordation of the deed, the deed of trust, or
the mortgage or other documents required to be recorded and shall cause
disbursement of settlement proceeds within two business days of settlement. A
settlement agent may not disburse any or all loan funds or other funds coming
into its possession prior to the recordation of any instrument except (i) funds
received that are overpayments to be returned to the provider of such funds,
(ii) funds necessary to effect the recordation of instruments, or (iii) funds
that the provider has by separate written instrument directed to be disbursed
prior to recordation of any instrument. Additionally, in any transaction
involving the purchase or sale of an interest in residential real property, the
settlement agent shall provide notification to the purchaser of the availability
of owner&#8217;s title insurance as required under § 38.2-4616.

HISTORY: 1980, c. 730, § 6.1-2.13; 1987, c. 576; 1992, c. 733; 1996, c. 883;
2010, c. 794, § 55-525.11; 2019, c. 712.