Section 30. Registration; reregistration; required fee

Every licensed attorney now providing or offering, or intending to provide or offer, escrow, closing, or settlement services as a settlement agent with respect to real estate transactions in Virginia shall register with the Bar using the registration form available from the Bar for that purpose. Settlement agents beginning to provide or offer such services shall register with the Bar prior to doing so. The registration requirement in this paragraph shall not apply to attorney settlement agents unless they provide or offer to provide escrow, settlement, and closing services for real estate subject to Chapter 27.3 (§ 55-525.16 et seq.) of Title 55 of the Code of Virginia, (i.e., real estate containing not more than four residential dwelling units). Thus, for example, attorneys who handle only commercial real estate transactions are not subject to this chapter.

Every settlement agent shall thereafter reregister after notice on a schedule established by the Bar, providing updated registration information. Every settlement agent shall have a continuing duty to advise the Bar of any change in name, address, or other pertinent registration data that occurs between registrations.

The fee for each registration and reregistration shall be $35 for an attorney settlement agent. The Bar reserves the right to adjust the fee as necessary within the statutory limit of $100. The prescribed fee shall accompany each registration or reregistration in the form of a check made payable to the Treasurer of Virginia.

Registration is subject to revocation or suspension if the Bar or other appropriate licensing authority finds the settlement agent out of compliance with Chapter 27.3 (§ 55-525.16 et seq.) of Title 55 of the Code of Virginia or regulations issued thereunder.

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.