Source: https://law.lis.virginia.gov/vacode/title55.1/chapter9/section55.1-900/
Timestamp: 2020-07-02 19:41:36
Document Index: 705883830

Matched Legal Cases: ['§ 55', '§ 55', '§ 55', '§ 2601', '§ 6', '§ 55']

§ 55.1-900. Definitions
Table of Contents » Title 55.1. Property and Conveyances » Subtitle II. Real Estate Settlements and Recordation » Chapter 9. Real Estate Settlements » § 55.1-900. Definitions
Chapter 9. Real Estate Settlements
§ 55.1-900. Definitions.
7. Drafts issued by a state chartered or federally chartered credit union;
"Disbursement of settlement proceeds" means the payment of all proceeds of the transaction by the settlement agent to the persons entitled to such proceeds.
"Loan documents" means the note evidencing the debt due the lender, the deed of trust, or the mortgage securing the debt due the lender and any other documents required by the lender to be executed by the borrower as a part of the transaction.
"Settlement" means the time when the settlement agent has received the duly executed deed, loan funds, loan documents, and other documents and funds required to carry out the terms of the contract between the parties and the settlement agent reasonably determines that prerecordation conditions of such contracts have been satisfied. A determination by a settlement agent that prerecordation conditions have been satisfied shall not control the rights and obligations of the parties under the contract, including whether settlement has occurred under the terms and conditions of the contract. "Parties," as used in this definition, means the seller, purchaser, borrower, lender, and settlement agent.
"Settlement service provider" means any person providing settlement services, as that term is defined under the federal Real Estate Settlement Procedures Act (12 U.S.C. § 2601 et seq.).
1980, c. 730, § 6.1-2.10; 1981, c. 86; 1984, c. 118; 1987, cc. 576, 577; 1990, c. 340; 1991, c. 254; 1999, c. 109; 2008, c. 514; 2010, c. 794, § 55-525.8; 2019, c. 712.