§ 6.1-2.13. Duty of settlement agent
The settlement agent shall cause recordation of the deed, the deed of trust, or 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 which are overpayments to be returned to the provider of such funds, (ii) funds necessary to effect the recordation of instruments, or (iii) funds which 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's title insurance as required under § 38.2-4616.
(1980, c. 730; 1987, c. 576; 1992, c. 733; 1996, c. 883.)
Sections: Previous 6.1-2.10 6.1-2.11 6.1-2.12 6.1-2.13 6.1-2.13:1 6.1-2.13:2 6.1-2.13:3 6.1-2.14 6.1-2.15 NextLast modified: April 16, 2009