                                 CODE OF VIRGINIA

DISCLOSURE OF TERMS OF ASSUMPTION (§ 6.2-419)

A. An owner of residential real estate that is improved by the construction
thereon of housing consisting of four or fewer dwelling units and encumbered by
a mortgage or deed of trust shall have the right, upon written request to any
holder of the obligation secured by the mortgage or deed of trust, to receive a
written disclosure of whether the holder will permit a qualified purchaser to
assume the mortgage or deed of trust. If the answer is in the affirmative, the
holder shall disclose the following information regarding the terms of such
assumption:

   1. The rate of interest to be assumed, which may vary with an exterior
   standard;

   2. The balance of the escrow account, if any;

   3. Any fees and charges to be assessed by the holder against the seller and
   buyer in connection with the assumption;

   4. Usual limitations or requirements placed on the assumption; and

   5. Other terms and conditions of the assumption deemed pertinent by the
   holder.

B. The holder shall state the time period during which the terms disclosed
pursuant to subsection A shall be valid, together with any limitations thereon.

C. Any holder receiving such a written request from an owner shall respond in
writing within 10 business days of the receipt of the request.

D. Any holder receiving a second or subsequent written request with respect to
the same mortgage or deed of trust within any 12-month period may charge a fee,
not to exceed $15, for each additional request. The fee shall be paid in
advance.

HISTORY: 1982, c. 233, § 6.1-2.9:3; 1990, c. 7; 2010, c. 794.