Section 10. Authority; applicability; scope

This chapter is issued by the Virginia State Bar pursuant to Chapter 27.3 (§ 55-525.16 et seq.) of Title 55 of the Code of Virginia. Chapter 27.3 does not apply to licensed attorneys who provide escrow, closing, or settlement services solely for public bodies as defined in § 2.2-4301 of the Code of Virginia; thus, such attorneys are exempt from the registration, certification, and separate fiduciary trust account requirements of this chapter.

Chapter 27.3 (§ 55-525.16 et seq.) of Title 55 of the Code of Virginia), and therefore this chapter, applies to transactions involving the purchase of or lending on the security of real estate located in Virginia containing not more than four residential units. In addition, a lay settlement agent may provide escrow, settlement, and closing services for transactions involving any real property located in Virginia, provided the agent is registered under and in compliance with §§ 55-525.17 and 55-525.18 of the Code of Virginia. Lawyer settlement agents are not required to register under Chapter 27.3 unless the transaction involves the purchase of or lending on the security of real estate located in Virginia containing not more than four residential dwelling units.

Historical Notes

Derived from Volume 16, Issue 20, eff. May 24, 2000; amended, Virginia Register Volume 32, Issue 17, eff. March 25, 2016.

Statutory Authority

§ 55-525.30 of the Code of Virginia.