Code of Virginia - Title 38.2 Insurance - Section 38.2-4616 Notification to buyers of the availability of owner's title insurance

§ 38.2-4616. Notification to buyers of the availability of owner's title insurance

In connection with any transaction involving the purchase or sale of an interest in residential real property in this Commonwealth, the settlement agent as defined in § 6.1-2.10, before the disbursement of any funds, shall obtain from the purchaser a statement in writing that he has been notified by the settlement agent that the purchaser may wish to obtain owner's title insurance coverage including affirmative mechanics' lien coverage, if available, and of the general nature of such coverage, and that the purchaser does or does not desire such coverage. The notification shall include language that the value of subsequent improvements to the property may not be covered.

The failure of a settlement agent to provide the information requested by this section shall not of itself be deemed to create a cause of action that would not otherwise exist.

(1992, c. 733.)

Sections:  Previous  38.2-4604  38.2-4605  38.2-4606  38.2-4607  38.2-4608  38.2-4609  38.2-4610  38.2-4610.1  38.2-4610.1:1  38.2-4610.2  38.2-4611  38.2-4613  38.2-4614  38.2-4615  38.2-4616

Last modified: April 16, 2009