Bill Text: VA HB1364 | 2022 | Regular Session | Comm Sub

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: Real estate settlement agents; choice of settlement agent.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Passed) 2022-04-11 - Governor: Acts of Assembly Chapter text (CHAP0669) [HB1364 Detail]

Download: Virginia-2022-HB1364-Comm_Sub.html

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22107037D
HOUSE BILL NO. 1364 AMENDMENT IN THE NATURE OF A SUBSTITUTE (Proposed by the Senate Committee on General Laws and Technology on February 23, 2022) (Patron Prior to Substitute--Delegate Leftwich) A BILL to amend and reenact §55.1-1006 of the Code of Virginia, relating to real estate settlement agents; emergency.

Be it enacted by the General Assembly of Virginia:

1. That §55.1-1006 of the Code of Virginia is amended and reenacted as follows:

§55.1-1006. Choice of settlement agent.

A purchaser or borrower in a transaction related to real estate in the Commonwealth shall have the right to select the settlement agent to provide escrow, closing, or settlement services in connection with the transaction. The seller in such a transaction may not require the use of a particular settlement agent as a condition of the sale of the property. Nothing in this chapter shall prohibit a seller from retaining an attorney licensed pursuant to Chapter 39 (§54.1-3900 et seq.) of Title 54.1 to represent his interests and provide legal advice pertaining to escrow, closing, or settlement services. Such representation may include deed preparation, fee negotiation, and review of applicable documents and advising the seller on any legal matters related to the settlement or closing process.

2. That the provisions of this act are declarative of existing law.

3. That an emergency exists and this act is in force from its passage.