Source: https://law.lis.virginia.gov/vacodefull/title55.1/subtitleII/
Timestamp: 2020-04-04 00:46:32
Document Index: 488002738

Matched Legal Cases: ['§ 55', '§ 55', '§ 55', '§ 55', '§ 5204', '§ 55', '§ 55', '§ 55', '§ 55', '§ 55', '§ 55', '§ 55', '§ 55', '§ 55', '§ 5203', '§ 55', '§ 55', '§ 17', '§ 17', '§ 42', '§ 17', '§ 42', '§ 42', '§ 5210', '§ 55', '§ 55', '§ 5212', '§ 55', '§ 55', '§ 55', '§ 55', '§ 55', '§ 55', '§ 55', '§ 55', '§ 64', '§ 55', '§ 5205', '§ 55', '§ 55', '§ 55', '§ 55', '§ 55', '§ 5205', '§ 55', '§ 55', '§ 55', '§ 55', '§ 55', '§ 55', '§ 55', '§ 55', '§ 55', '§ 55', '§ 55', '§ 5207', '§ 55', '§ 55', '§ 5209', '§ 55', '§ 55', '§ 5209', '§ 55', '§ 55', '§ 5207', '§ 55', '§ 55', '§ 55', '§ 55', '§ 55', '§ 55', '§ 55', '§ 5209', '§ 55', '§ 55', '§ 5209', '§ 55', '§ 55', '§ 55', '§ 5209', '§ 55', '§ 55', '§ 5209', '§ 55', '§ 55', '§ 5209', '§ 55', '§ 55', '§ 55', '§ 55', '§ 5209', '§ 55', '§ 55', '§ 55', '§ 55', '§ 55', '§ 55', '§ 5208', '§ 55', '§ 55', '§ 55', '§ 5209', '§ 55', '§ 55', '§ 3407', '§ 55', '§ 55', '§ 55', '§ 5216', '§ 55', '§ 55', '§ 5216', '§ 55', '§ 55', '§ 55', '§ 17', '§ 55', '§ 55', '§ 55', '§ 55', '§ 55', '§ 55', '§ 55', '§ 55', '§ 55', '§ 55', '§ 55', '§ 55', '§ 55', '§ 55', '§ 55', '§ 55', '§ 59', '§ 47', '§ 55', '§ 59', '§ 55', '§ 55', '§ 55', '§ 55', '§ 55', '§ 55', '§ 55', '§ 55', '§ 55', '§ 55', '§ 55', '§ 55', '§ 1', '§ 55', '§ 55', '§ 55', '§ 55', '§ 55', '§ 267', '§ 55', '§ 55', '§ 55', '§ 55', '§ 55', '§ 55', '§ 55', '§ 2601', '§ 38', '§ 55', '§ 6', '§ 55', '§ 55', '§ 55', '§ 54', '§ 54', '§ 55', '§ 6', '§ 6', '§ 55', '§ 55', '§ 55', '§ 6', '§ 6', '§ 55', '§ 55', '§ 6', '§ 55', '§ 55', '§ 55', '§ 38', '§ 6', '§ 55', '§ 55', '§ 6', '§ 55', '§ 55', '§ 6', '§ 55', '§ 55', '§ 55', '§ 55', '§ 55', '§ 6', '§ 55', '§ 55', '§ 55', '§ 6', '§ 55', '§ 55', '§ 6', '§ 55', '§ 55', '§ 58', '§ 6', '§ 55', '§ 55', '§ 6', '§ 55', '§ 55', '§ 38', '§ 6', '§ 55', '§ 55', '§ 17', '§ 6', '§ 55', '§ 55', '§ 17', '§ 6', '§ 55', '§ 55', '§ 55', '§ 12', '§ 6', '§ 55', '§ 55', '§ 12', '§ 6', '§ 55']

Code of Virginia Code - Subtitle II. Real Estate Settlements and Recordation.
Table of Contents » Title 55.1. Property and Conveyances [Effective October 1, 2019] » Subtitle II. Real Estate Settlements and Recordation.
Subtitle II. Real Estate Settlements and Recordation.
Chapter 6. Recordation of Documents.
§ 55.1-600. (Effective October 1, 2019) When and where writings recorded.
Except when it is otherwise provided, the circuit court of any county or city, or the clerk of any such court, or his duly qualified deputy, in his office, shall record any such writing as to any person whose name is signed thereto with an original signature, when it shall have been acknowledged by him, or proved by two witnesses as to him in such court, or before such clerk, or his duly qualified deputy, in his office, or the manner prescribed in Articles 2 (§ 55.1-612 et seq.), 3 (§ 55.1-616 et seq.), and 4 (§ 55.1-624 et seq.). When such writing is signed by a person acting on behalf of another, or in any representative capacity, the signature of such representative may be acknowledged or proved in the same manner.
Code 1919, § 5204; Code 1950, § 55-106; 1972, c. 130; 1994, c. 554; 2014, c. 338; 2019, c. 712.
§ 55.1-601. (Effective October 1, 2019) Recording and indexing of certain documents showing changes of names.
A duly authenticated copy of a marriage license with the certificate of the person celebrating the marriage or a duly authenticated copy of a final order of divorce showing a change of name of a woman shall be entitled to be recorded in the clerk's office in which deeds are recorded of the county or city in which any land, or an interest in any land, that is owned by such woman lies and shall be indexed by such clerk in the grantor and grantee indices in his office.
1958, c. 220, § 55-106.1; 2019, c. 712.
§ 55.1-602. (Effective October 1, 2019) Presumption that recorded writings are in proper form.
A writing that is not properly notarized in accordance with the laws of the Commonwealth shall not invalidate the underlying document; however, any such writing shall not be in proper form for recordation. All recorded writings shall be presumed to be in proper form for recording after having been recorded, and conclusively presumed to be in proper form for recording after having been recorded for a period of three years, except in cases of fraud.
1973, c. 161, § 55-106.2; 2008, cc. 117, 814; 2019, c. 712.
§ 55.1-603. (Effective October 1, 2019) Deed of real estate investment trust.
Every deed that is to be recorded conveying property to or from a trust qualifying as a real estate investment trust shall include the complete address of the principal office of the trust. Failure to comply with the provisions of this section shall not invalidate any such deed.
1984, c. 474, § 55-106.4; 2002, c. 621; 2019, c. 712.
§ 55.1-604. (Effective October 1, 2019) When clerk may refuse document to be recorded.
§ 55.1-605. (Effective October 1, 2019) Power of attorney; where recorded.
A power of attorney may be recorded in any county or city.
Code 1919, § 5203; Code 1950, § 55-107; 2019, c. 712.
§ 55.1-606. (Effective October 1, 2019) Standards for writings to be docketed or recorded.
Except as provided in Article 4.1 (§ 17.1-258.2 et seq.) of Title 17.1, all writings that are to be recorded or docketed in the clerk's office of courts of record shall be an original or first generation printed form, or legible copy thereof, pen and ink or typed ribbon copy, and shall meet the standards for instruments as adopted under §§ 17.1-227 and 42.1-82 of the Virginia Public Records Act (§ 42.1-76 et seq.).
If a writing that does not conform to the requirements of this section or the standards for instruments adopted under § 17.1-227 and under § 42.1-82 of the Virginia Public Records Act (§ 42.1-76 et seq.) is accepted for recordation, it shall be deemed validly recorded and the clerk shall have no liability for accepting such a writing that does not meet the enumerated criteria in all the particulars.
1924, p. 144; Michie Code 1942, § 5210a; Code 1950, § 55-108; 1983, c. 291; 1986, c. 346; 2005, c. 744; 2019, c. 712.
§ 55.1-607. (Effective October 1, 2019) When original of writing once recorded is lost, how copy recorded elsewhere.
If it is proper for any writing that has been recorded in a court of any county or city to be recorded in the court of another county or city and such writing, before being so recorded in such other court, is lost or mislaid, on affidavit of this fact, such court or the clerk of such court may record a copy of such writing from the records of another court, certified by its clerk, and the copy so recorded shall have the same effect as if the original had been recorded at the time the copy was recorded.
Code 1919, § 5212; Code 1950, § 55-109; 2019, c. 712.
§ 55.1-608. (Effective October 1, 2019) Certifications of recordation upon copies of certain instruments and subsequent recordation in other county or city.
Whenever a mortgage or deed of trust instrument upon real or personal property located in more than one county or city is recorded in one such county or city, the party by whom it is so presented may deliver to the clerk of such court any number of executed and acknowledged copies of such instrument. The clerk shall fix to each such copy his certificate of recordation, certifying thereby the payment of the recordation tax levied by the Commonwealth, and shall return to the party presenting all such instruments all such copies except one, which shall be retained by the clerk for recordation in his office. Such certificate shall be conclusive evidence of the payment of the recordation tax indicated thereby, and the clerk in any other recording office in any other county or city shall accept for recordation in his office any such copy so certified.
1962, c. 301, § 55-109.1; 2019, c. 712.
§ 55.1-609. (Effective October 1, 2019) Correcting errors in deeds, deeds of trust, and mortgages; affidavit.
§ 55.1-610. (Effective October 1, 2019) Recordation of copy of lost deed previously recorded in what is now West Virginia.
§ 55.1-611. Repealed.
Repealed by Acts 2019, c. 326, cl. 1 and c. 786, cl. 2.
Article 2. Acknowledgments Generally.
§ 55.1-612. (Effective October 1, 2019) Acknowledgment within the United States or its dependencies.
A circuit court of any county or city, or the clerk of any such court, shall record any writing as is described in § 55.1-600 as to any person whose name is signed to such writing, except that acknowledgment of contracts for the sale of real property shall require the seller or grantor of such real property to acknowledge his signature as provided in this section, except for contracts recorded after the death of the seller pursuant to § 64.2-523.
1. Upon the certificate of such clerk or his deputy, a notary public, a commissioner in chancery, or a clerk of any court of record within the United States or in Puerto Rico or any territory or other dependency or possession of the United States that such writing had been acknowledged before him by such person. Such certificate shall be written upon or attached to such writing and shall be substantially to the following effect:
I, ________, clerk (or deputy clerk or a commissioner in chancery) of the ________ court, (or a notary public) for the county (or city) aforesaid, in the state (or territory or district) of ________, do certify that E.F., or E.F. and G.H., and so forth, whose name (or names) is (or are) signed to the writing above (or hereto attached) bearing date on the ______ day of ____, has (or have) acknowledged the same before me in my county (or city) aforesaid.
Given under my hand this ______ day of ____.
2. Upon the certificate of acknowledgment of such person before any commissioner appointed by the Governor, within the United States, so written or attached, substantially to the following effect:
State (or territory or district) of ________:
I, __________, a commissioner appointed by the Governor of the Commonwealth of Virginia, for such state (or territory or district) of ________, do certify that E.F. (or E.F. and G.H., and so forth) whose name (or names) is (or are) signed to the writing above (or hereto attached) bearing date on the ______ day of ____ has (or have) acknowledged the same before me in my state (or territory or district) aforesaid.
3. Or upon the certificate of such clerk or his deputy, a notary public, a commissioner in chancery, or a clerk of any court of record within the United States or in Puerto Rico or any territory or other possession or dependency of the United States, or of a commissioner appointed by the Governor, within the United States, that such writing was proved as to such person, before him, by two subscribing witnesses thereto. Such certificate shall be written upon or attached to such writing and shall be substantially to the following effect:
State (or territory or district) of ________; county (or city) of ________: I, ________, clerk (or deputy clerk or a commissioner in chancery) of the ________ court, (or a notary public) for the county (or city) aforesaid, in the state (or territory or district) of ________ (or a commissioner appointed by the Governor of the Commonwealth of Virginia for such state (or territory or district) of ________), do certify that the execution of the writing above (or hereto attached) bearing date on the ______ day of ____, by A.B. (or A.B. and C.D., and so forth), whose name (or names) is (or are) signed thereto, was proved before me in my county (or city or state, territory, or district) aforesaid, by the evidence on oath of E.F. and G.H., subscribing witnesses to such writing.
When authority is given in § 55.1-600 or in this section to the clerk of a court in or outside of the Commonwealth, but within the United States, such authority may be exercised by his duly qualified deputy.
Code 1919, §§ 5205, 5207; 1922, p. 868; 1924, p. 474; Code 1950, § 55-113; 1968, c. 639; 1972, c. 130; 2019, c. 712.
§ 55.1-613. (Effective October 1, 2019) Acknowledgments outside of the United States and its dependencies.
§ 55.1-614. (Effective October 1, 2019) Acknowledgments by persons subject to Uniform Code of Military Justice; validation of certain acknowledgments.
§ 55.1-615. (Effective October 1, 2019) Acknowledgments taken before commissioned officers in military service.
A circuit court of any county or city, or clerk of such court, shall also record any writing as is described in § 55.1-600 as to any person whose name is signed thereto who at the time of such acknowledgment was in active service in the Armed Forces of the United States, or as to the consort of such person, upon the certificate of any commissioned officer of the army, navy, marine corps, air force, coast guard, any state national guard that is federally recognized, or other branch of the service of which such person is a member, that such writing had been acknowledged before him by such person. Such certificate shall be written upon or attached to such writing and shall be substantially to the following effect:
In the army (or navy, etc.) of the United States.
I, ________, a commissioned officer of the army (or navy, marine corps, air force, coast guard, or other branch of service) of the United States with the rank of lieutenant (or ensign or other appropriate rank) whose home address is ________, do certify that E.F. (or E.F. and G.H., and so forth), whose name (or names) is (or are) signed to the writing above (or hereto attached), bearing date on the ______ day of ____, and who, or whose consort, is a private (corporal, seaman, captain, or other grade or rank) in the army (or navy, etc.) of the United States, and whose home address is ________, has (or have) acknowledged the same before me.
Given under my hand this ______ day of ______.
Such acknowledgment may be taken at any place where the officer taking the acknowledgment and the person whose name is signed to the writing may be. Such commissioned officer may take the acknowledgment of any person in any branch of the Armed Forces of the United States or the consort of such person.
Every acknowledgment executed prior to July 1, 1995, in substantial compliance with the provisions of this section is hereby validated, ratified, and confirmed, notwithstanding any error or omission with respect to any address, grade, or rank.
1942, p. 426; Michie Code 1942, § 5205a; 1944, p. 25; 1948, p. 393; Code 1950, § 55-115; 1964, c. 129; 1972, c. 458; 1995, c. 48; 2019, c. 712.
§ 55.1-616. (Effective October 1, 2019) "Notarial acts" defined; who may perform notarial acts outside the Commonwealth for use in the Commonwealth.
§ 55.1-617. (Effective October 1, 2019) Proof of authority of person performing notarial act.
§ 55.1-618. (Effective October 1, 2019) What person taking acknowledgment shall certify.
§ 55.1-619. (Effective October 1, 2019) When form of certificate of acknowledgment accepted.
§ 55.1-620. (Effective October 1, 2019) Meaning of "acknowledged before me.".
§ 55.1-621. (Effective October 1, 2019) Statutory short forms of acknowledgment.
§ 55.1-622. (Effective October 1, 2019) Application of article; article cumulative.
§ 55.1-623. (Effective October 1, 2019) Uniform interpretation.
Article 4. Deeds and Acknowledgments of Corporations.
§ 55.1-625. (Effective October 1, 2019) Acknowledgments on behalf of corporations and others.
When any writing purports to have been signed on behalf or by authority of any person or corporation, or in any representative capacity whatsoever, the certificate of the acknowledgment by the person so signing the writing shall be sufficient for the purposes of this and §§ 55.1-600, 55.1-612, 55.1-613, and 55.1-615, and for the recordation of such writing as to the person or corporation on whose behalf it is signed, or as to the representative character of the person so signing the writing, as the case may be, without expressing that such acknowledgment was on behalf or by authority of such other person or corporation or was in a representative capacity. In the case of a writing signed on behalf or by authority of any person or corporation or in any representative capacity, a certificate to the following effect shall be sufficient:
State (or territory or district) of ________, county (or city) of ________,: I, ________, a ________ (here insert the official title of the person certifying the acknowledgment) in and for the state (or territory or district) and county (or city) aforesaid, do certify that ________ (here insert the name or names of the persons signing the writing on behalf of the person or corporation, or the name of the person signing the writing in a representative capacity), whose name (or names) is (or are) signed to the writing above, bearing date on the ____ day of ____, has (or have) acknowledged the same before me in my county (or city) aforesaid. Given under my hand this ____ day of ____.
Code 1919, § 5207; Code 1950, § 55-120; 2019, c. 712.
§ 55.1-626. (Effective October 1, 2019) Corporate acknowledgment taken before officer or stockholder.
Any notary or other officer duly authorized to take acknowledgments may take the acknowledgment to any deed or other writing executed by a company or to a company or for the benefit of a company, although he may be a stockholder, an officer, or both, in such company, provided that he is not otherwise interested in the property conveyed or disposed of by such deed or other writing, and nothing herein shall be construed to authorize any officer to take an acknowledgment to any deed or other writing executed by such company by and through him as an officer or stockholder of such company, or to him for the benefit of such company.
Code 1919, § 5209; 1926, p. 340; Code 1950, § 55-121; 2019, c. 712.
Article 5. Validating Certain Acts, Deeds, and Acknowledgments.
§ 55.1-627. (Effective October 1, 2019) Acts of notaries public, etc., who have held certain other offices.
All certificates of acknowledgment to deeds and other writings, taken and certified by notaries public and commissioners in chancery, and all depositions taken, accounts and reports made, and decrees executed by any notary public, commissioner in chancery, or commissioner of accounts, who, since January 1, 1989, may have held the office of county treasurer, sheriff, attorney for the Commonwealth, county clerk, commissioner of the revenue, superintendent of the poor, county surveyor, or supervisor shall be held and are hereby declared valid and effective in all respects if otherwise valid and effective according to the law then in force.
1920, p. 340; Michie Code 1942, § 5209c; Code 1950, § 55-122; 1976, c. 685; 1984, c. 35; 1989, c. 602; 2019, c. 712.
§ 55.1-628. (Effective October 1, 2019) Validation of acknowledgments when seal not affixed.
When a certificate of acknowledgment was made prior to July 1, 1995, to any instrument in writing required by this chapter to be acknowledged and the notary or other official whether of this or some other state taking such acknowledgment failed to affix his official seal to such certificate of acknowledgment when a seal was necessary, the certificate of acknowledgment shall be as valid for all purposes as if such seal had been affixed, and the deed shall be, and shall since such date have been, notice to all persons as effectually as if such seal had been affixed, provided that such acknowledgment was in other respects sufficient.
1924, p. 359; Michie Code 1942, § 5207a; Code 1950, § 55-123; 1964, c. 57; 1976, c. 685; 1984, c. 35; 1989, c. 602; 1995, c. 48; 2019, c. 712.
§ 55.1-629. (Effective October 1, 2019) Acknowledgment taken by trustee in deed of trust.
§ 55.1-630. (Effective October 1, 2019) Acknowledgment taken by trustee in deed of trust; later date.
§ 55.1-631. (Effective October 1, 2019) Certain acknowledgments taken and certified before July 1, 1995.
All certificates of acknowledgments to deeds and other writings taken and certified prior to July 1, 1995, by commissioners of deeds of states other than the Commonwealth, appointed or commissioned by the governor of such state, and by notaries public appointed or commissioned by the Governor of the Commonwealth, or appointed or commissioned under the laws of any state other than the Commonwealth, or any other officer authorized under this chapter to take and certify acknowledgments of deeds and other writings, that omit the citation of the date of the deed or certificate where it is clear from the content of the entire certificate and the instrument that has been acknowledged that the identity of the instrument or the certificate is the same, or if it can reasonably be inferred from the certificate of the person recording the instrument or other writing that the certificate refers to the same instrument, shall be held and are hereby declared valid and effective in all respects if otherwise valid according to the law then in force, or otherwise appear valid upon their face, and all such deeds and other writings that have been recorded in any clerk's office in the Commonwealth upon such certificates shall be held to be duly and regularly recorded if such recordation is otherwise valid according to the law then in force.
1968, c. 297, § 55-125.1; 1972, c. 631; 1976, c. 685; 1984, c. 35; 1989, c. 602; 1995, c. 48; 2019, c. 712.
§ 55.1-632. (Effective October 1, 2019) Acknowledgments taken by certain justices of the peace, mayors, etc.
§ 55.1-633. (Effective October 1, 2019) Acknowledgments taken by officers after expiration of terms.
All certificates of acknowledgment to deeds and other writings taken and certified prior to July 1, 1995, by commissioners of deeds of states other than the Commonwealth, appointed or commissioned by the governor of such state, and by notaries public appointed or commissioned by the Governor of the Commonwealth, or appointed or commissioned under the laws of any state other than the Commonwealth, or any other officer authorized under this chapter to take and certify acknowledgments to deeds and other writings who took and certified such acknowledgments after their term of office had expired, shall be held and are hereby declared valid and effective in all respects if otherwise valid according to the law then in force or appear to be valid upon their face, and all such deeds and other writings that have been recorded in any clerk's office in the Commonwealth upon such certificates shall be held to be duly and regularly recorded if such recordation is otherwise valid according to the law then in force.
1924, p. 57; 1926, p. 102; 1928, p. 996; Michie Code 1942, § 5209d; Code 1950, § 55-127; 1964, c. 384; 1966, c. 492; 1968, c. 4; 1972, c. 631; 1976, c. 685; 1984, c. 35; 1989, c. 602; 1995, c. 48; 2019, c. 712.
§ 55.1-634. (Effective October 1, 2019) Acknowledgments taken by notaries in service during World War I.
All certificates of acknowledgment to deeds and other writings taken and certified in the Commonwealth prior to June 18, 1920, by notaries public who served in the army, navy, or marine corps of the United States during World War I shall be held and are hereby declared valid and effective in all respects if otherwise valid according to the law then in force.
1920, p. 69; Michie Code 1942, § 5209a; Code 1950, § 55-128; 2019, c. 712.
§ 55.1-635. (Effective October 1, 2019) Acknowledgments before foreign officials who failed to affix seals.
§ 55.1-636. (Effective October 1, 2019) Acknowledgments taken by notaries in foreign countries.
All certificates of acknowledgment to deeds and other writings taken and certified prior to July 1, 1995, by notaries public residing in foreign countries shall be held and are hereby declared valid and effective in all respects if otherwise valid according to the law then in force.
1918, p. 506; 1936, p. 101; Michie Code 1942, §§ 5209e, 5209k; Code 1950, § 55-130; 1960, c. 285; 1972, c. 631; 1976, c. 685; 1984, c. 35; 1989, c. 602; 1995, c. 48; 2019, c. 712.
§ 55.1-637. (Effective October 1, 2019) Acknowledgments taken by officer who was spouse of grantee.
Any certificate of acknowledgment to a deed or other writings taken prior to July 1, 1995, by a notary public or other officer duly authorized to take acknowledgments who at the time of taking such acknowledgment was the spouse of the grantee in the deed or other instrument shall be held and is hereby declared valid and effective in all respects if otherwise valid according to the law then in force. All acknowledgments of conveyances to a fiduciary taken before an officer who is the husband or wife of such officer and who has no beneficial or monetary interest other than possible commissions or legal fees shall be conclusively presumed valid.
1926, p. 747; Michie Code 1942, § 5209g; Code 1950, § 55-131; 1952, c. 244; 1966, c. 137; 1972, c. 631; 1976, c. 685; 1984, c. 35; 1989, c. 602; 1995, c. 48; 2019, c. 712.
§ 55.1-638. (Effective October 1, 2019) Acknowledgment when notary certifies erroneously as to expiration of commission.
All certificates of acknowledgment to deeds and other writings taken and certified prior to July 1, 1995, by a notary public appointed or commissioned by the Governor, or appointed or commissioned under the laws of any state other than the Commonwealth, who mistakenly or by error certified that his commission had expired at the time he made such certificate, when in fact his commission had not at that time expired, shall be held and are hereby declared valid and effective in all respects if otherwise valid according to the law of the Commonwealth then in force, and the date and life of the notary's commission may be proved aliunde his certificate in any proceeding in which the capacity or authority of such notary is or shall be questioned, and all such deeds and other writings that have been recorded in any clerk's office in the Commonwealth upon such certificates shall be held to be duly and regularly recorded if such recordation is otherwise valid according to the law then in force.
1928, p. 996; Michie Code 1942, § 5209h; Code 1950, § 55-132; 1976, c. 685; 1984, c. 35; 1989, c. 602; 1995, c. 48; 2019, c. 712.
§ 55.1-639. (Effective October 1, 2019) Acknowledgments before officer of city or county consolidating, etc., prior to expiration date of commission.
§ 55.1-640. (Effective October 1, 2019) Acknowledgments taken before notary whose commission has expired.
§ 55.1-641. (Effective October 1, 2019) Acknowledgments taken before notary whose commission has expired; later date; intervening vested rights saved.
All certificates of acknowledgment to deeds and other writings taken and certified prior to July 1, 1995, by notaries public appointed or commissioned by the Governor who took and certified such acknowledgments after their term of office had expired shall be held and are hereby declared valid and effective in all respects if otherwise valid according to the law then in force, and all such deeds and other writings that have been recorded in any clerk's office in the Commonwealth upon such certificates shall be held to be duly and regularly recorded if such recordation is otherwise valid according to the law then in force; however, nothing in this section shall be so construed as to affect any intervening vested rights.
1934, p. 258; Michie Code 1942, § 5209j; Code 1950, § 55-134; 1952, c. 244; 1972, c. 631; 1976, c. 685; 1984, c. 35; 1989, c. 602; 1995, c. 48; 2019, c. 712.
§ 55.1-642. (Effective October 1, 2019) Acknowledgments taken before notary who was appointed but failed to qualify; vested rights saved.
All certificates of acknowledgment to deeds and other writings taken and certified prior to July 1, 1995, by a person who was appointed as a notary public by the Governor but who failed to qualify as provided by law shall be held and are hereby declared valid and effective in all respects if otherwise valid, and all such deeds and other writings that have been recorded in any clerk's office in the Commonwealth upon such certificates shall be held to be duly and regularly recorded if such recordation is otherwise valid according to law; however, nothing in this section shall be so construed as to affect any intervening vested rights.
1956, c. 713, § 55-134.1; 1959, Ex. Sess., c. 92; 1972, c. 631; 1976, c. 685; 1984, c. 35; 1989, c. 602; 1995, c. 48; 2019, c. 712.
§ 55.1-643. (Effective October 1, 2019) Acknowledgments taken before a notary at large who failed to cite the jurisdiction in which the acknowledgment was taken; vested rights saved.
All certificates of acknowledgment to deeds and other writings taken and certified prior to July 1, 1995, by a person who was appointed a notary public for the Commonwealth at large by the Governor but who failed to include in such certificates of acknowledgment the county or city in which the notarial act was performed shall be held and are hereby declared valid and effective in all respects if otherwise valid, and all such deeds and other writings that have been recorded in any clerk's office in the Commonwealth upon such certificates shall be held to be duly and regularly recorded if such recordation is otherwise valid according to law; however, nothing in this section shall be so construed as to affect any intervening vested rights.
1984, c. 35, § 55-134.2; 1989, c. 602; 1995, c. 48; 2019, c. 712.
§ 55.1-644. (Effective October 1, 2019) Deeds defectively executed by corporation.
Any deed of conveyance of real estate executed in the Commonwealth prior to July 1, 1995, by a corporation of the Commonwealth, when the certificate of acknowledgment of such deed fails to state the representative capacity of the party signing such deed for the corporation, shall be held and is hereby declared a valid and effective conveyance in every respect if otherwise valid according to the law in force at the time the deed was executed if such corporation, since making such conveyance, has been dissolved or otherwise gone out of existence.
1936, p. 328; Michie Code 1942, § 5208a; Code 1950, § 55-135; 1976, c. 685; 1984, c. 35; 1989, c. 602; 1995, c. 48; 2019, c. 712.
§ 55.1-645. (Effective October 1, 2019) Deeds to which corporate seal not affixed or not attested.
§ 55.1-646. (Effective October 1, 2019) Acknowledgments of corporations taken by officers or stockholders.
No acknowledgment heretofore taken to any deed or any writing executed by a company, or for the benefit of a company, shall be held to be invalid by reason of the acknowledgment having been taken by a notary or other officer duly authorized to take acknowledgments who, at the time of taking the acknowledgment, was a stockholder, an officer, or both, in the company that executed the deed or writing, or for the benefit of which the deed or writing was executed, but who was not otherwise interested in the property conveyed or disposed of by such deed or writing, and such deed or other writing, and the recordation of such deed or other writing, shall be valid in all respects as if this section had been in force when it was executed.
Code 1919, § 5209; 1926, p. 340; Code 1950, § 55-137; 2019, c. 712.
§ 55.1-647. (Effective October 1, 2019) Recordation certificate not signed by clerk.
A. All deeds, orders of probate, fiduciary accounts, and all other papers and writings received prior to July 1, 1995, by any clerk of any court of the Commonwealth and transcribed, or purported to be transcribed, in the proper book in such clerk's office provided by law for the transcribing and recordation of such deeds, orders of probate, fiduciary accounts, or other papers and writings, the certificate of receipt and of recordation of which had not received the attesting signature of such clerk on the date aforesaid, and which had not on such date been verified as required by law, shall prima facie be, and be deemed to be, as truly received, recorded, and verified as if the same had been so attested by the signature of such clerk.
B. Every clerk of any court of the Commonwealth in whose office any such deed, order of probate, fiduciary account, or other paper or writing as is mentioned in subsection A has been transcribed upon the proper book in such office, provided by law therefor, and which transcription has not received the attesting signature of the clerk who recorded the same, upon production before such clerk of the original of such deed, order of probate, fiduciary account, or paper or writing shall verify the accuracy of such transcription by a careful examination and comparison of such transcription with the original paper so recorded, and thereupon the clerk shall attest such transcription by signing thereto the name of the clerk who received the original paper for record and his own name as follows:
"Teste ________, former clerk per
________, his successor."
C. For such service the clerk shall receive a fee of 25 cents ($0.25), to be paid by the person for whose benefit the service was performed, and the record, so certified and verified, shall have the same effect as if it had been properly certified and verified by the clerk who received the same and who should have so certified and verified the same.
D. This section shall have a retroactive effect.
1920, p. 566; Michie Code 1942, § 3407a; Code 1950, § 55-137.1; 1976, c. 685; 1984, c. 35; 1989, c. 602; 1995, c. 48; 2013, c. 263; 2019, c. 712.
§ 55.1-648. (Effective October 1, 2019) Recordation certificate not signed by clerk; when clerk has died.
Article 6. United States Judgments; Bankruptcy.
§ 55.1-649. (Effective October 1, 2019) Recordation of judgments affecting title to land.
The clerk of the court of any county or city in which there is any partition of land under any order, or any recovery of land under judgment, shall transmit to the clerk of the court of each county or city in whose office deeds to such land or any part thereof are recorded a copy of such order or judgment, and of such partition or assignment, and of the order confirming the same, along with such description of the land as may appear in the papers of the cause. The clerk of the court of such county or city shall record the same in his deed book and index it in the name of the person who had the land before and also in the name of the person who became entitled under such partition, assignment, or recovery.
Code 1919, § 5216; 1924, p. 454; 1946, p. 190; Code 1950, § 55-138; 1990, c. 831; 2019, c. 712.
§ 55.1-650. (Effective October 1, 2019) Judgments of United States courts affecting realty.
A copy of any judgment or order of any United States court affecting the title to, boundary or possession of, or any interest in and to any real estate lying wholly or partly within the Commonwealth, when duly certified by the proper officer of any such court, may be filed with the clerk of the court in whose office deeds are recorded of the county or city in which the real estate so affected, or any part of such real estate, is situated, and when so filed shall be recorded by such clerk in the current deed book in his office and indexed in the names of the persons whose interests appear to be affected thereby, upon the payment of the same fee prescribed by law to be paid for the recordation of similar judgments or orders of state courts.
1934, p. 839; Michie Code 1942, § 5216b; Code 1950, § 55-140; 2019, c. 712.
§ 55.1-651. (Effective October 1, 2019) Orders in bankruptcy.
§ 55.1-652. (Effective October 1, 2019) Certificates of commencement of case in bankruptcy.
Certificates of commencement of case signed by clerks of bankruptcy courts or clerks of United States district courts, issued pursuant to the acts of Congress relating to bankruptcy, may be filed with the clerk of the court authorized to record deeds for the county or city in which the property of the debtor, for which such certificate has been issued, is located. Such certificate shall be recorded in the deed books and properly indexed in the name of the trustee in bankruptcy in the grantee index and the debtor in the grantor index. For such recordation, the clerk shall receive a fee as prescribed in subdivision A 2 of § 17.1-275.
1988, c. 100, § 55-142.01; 1994, c. 432; 1996, c. 344; 2019, c. 712.
Article 7. Uniform Federal Lien Registration Act.
§ 55.1-653. (Effective October 1, 2019) Where notices and certificates affecting liens to be filed.
A. Notices of liens, certificates, and other notices affecting federal tax liens or other federal liens shall be filed in accordance with this article.
B. Notices of liens upon real property for obligations payable to the United States and certificates and notices affecting the liens, including certificates of redemption, shall be filed in the office of the clerk of the circuit court of the county or city in which the real property subject to the lien is situated.
1. If the person against whose interest the lien applies is a corporation or a partnership whose principal executive office is in the Commonwealth, as these entities are defined in the internal revenue laws of the United States, in the office of the clerk of the State Corporation Commission.
2. In all other cases, in the office of the clerk of the circuit court of the county or city (i) where the person against whose interest the lien applies resides or (ii) in the case of a trust or a decedent's estate, having jurisdiction over the qualification of the trustee or probate of the will, at the time of filing of the notice of lien.
1970, c. 76, § 55-142.1; 1986, c. 299; 1988, cc. 113, 388; 2019, c. 712.
§ 55.1-654. (Effective October 1, 2019) Certification of notices and certificates.
Certification of notices of tax liens, certificates, or other notices affecting federal liens by the Secretary of the Treasury of the United States or his delegate or by any official or entity of the United States responsible for filing or certifying notice of any lien other than a tax lien entitles them to be filed, and no other attestation, certification, or acknowledgment is necessary.
1970, c. 76, § 55-142.2; 1988, cc. 113, 388; 2019, c. 712.
§ 55.1-655. (Effective October 1, 2019) Duties of filing officers.
§ 55.1-656. (Effective October 1, 2019) Fees of filing officers other than clerk of State Corporation Commission.
§ 55.1-657. (Effective October 1, 2019) Fees of clerk of State Corporation Commission.
Notwithstanding any other provisions of this article, the fees for filing, indexing, searching, or amending or for certificates of discharge or subordination or any other fee that may be chargeable by the clerk of the State Corporation Commission shall be the same as those permitted to be charged according to the schedule of fees maintained by the clerk of the State Corporation Commission.
1970, c. 76, § 55-142.5; 2019, c. 712.
§ 55.1-658. (Effective October 1, 2019) Construction of article.
This article shall be so interpreted and construed as to effectuate its general purpose to make uniform the law of those states that enact it.
1970, c. 76, § 55-142.6; 2019, c. 712.
§ 55.1-659. (Effective October 1, 2019) Certificates and notices affecting liens filed on or before July 1, 1970.
If a notice of lien was filed on or before July 1, 1970, any certificate or notice affecting the lien shall be filed in the same office.
1970, c. 76, § 55-142.8; 2019, c. 712.
§ 55.1-660. (Effective October 1, 2019) No action to be brought against the State Corporation Commission or its staff.
No action shall be brought against the State Corporation Commission or any member of the staff of the State Corporation Commission claiming damage for alleged errors or omissions in the performance of the duties imposed by this article on the State Corporation Commission.
1970, c. 76, § 55-142.9; 2019, c. 712.
Article 8. Uniform Real Property Electronic Recording Act.
§ 55.1-661. (Effective October 1, 2019) Definitions.
"Clerk" means a clerk of the circuit court.
"Document" means information that is:
1. Inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form; and
2. Eligible to be recorded in the land records maintained by the clerk.
"Electronic," as defined in Uniform Electronic Transactions Act (§ 59.1-479 et seq.), means relating to technology having electrical, digital, magnetic, wireless, optical, electromagnetic, or similar capabilities.
"Electronic document" means a document received by the clerk in electronic form.
"Electronic notarization" means an official act by a notary public in accordance with the Virginia Notary Act (§ 47.1-1 et seq.) and § 55.1-618 with respect to an electronic document.
"Electronic signature," as defined in the Uniform Electronic Transactions Act (§ 59.1-479 et seq.), means an electronic sound, symbol, or process attached to or logically associated with a record and executed or adopted by a person with the intent to sign the record.
"eRecording System" is the automated electronic recording system implemented by the clerk for the recordation of electronic documents among the land records maintained by the clerk.
"Filer" means an individual, corporation, business trust, estate, trust, partnership, limited liability company, association, joint venture, public body, public corporation, government, or governmental subdivision, agency, or instrumentality, or any other legal or commercial entity that files an electronic document among the land records maintained by the clerk.
"Land records document" means any writing authorized by law to be recorded, whether made on paper or in electronic format, that the clerk records affecting title to real property.
2006, c. 745, § 55-142.10; 2019, c. 712.
§ 55.1-662. (Effective October 1, 2019) Validity of electronically filed and recorded land records.
A. If a law requires, as a condition for recording, that a land records document be an original, be on paper or another tangible medium, or be in writing, an electronic land records document satisfying this article satisfies the law.
B. If a law requires, as a condition for recording, that a land records document be signed, an electronic signature satisfies the law.
C. A requirement that a land records document or a signature associated with a land records document be notarized, acknowledged, verified, witnessed, or made under oath is satisfied if the electronic notarization of the person authorized to perform that act, and all other information required to be included, is attached to or logically associated with the land records document or signature. A physical or electronic image of a stamp, impression, or seal of the notary is not required to accompany an electronic signature.
2006, c. 745, § 55-142.11; 2019, c. 712.
§ 55.1-663. (Effective October 1, 2019) Recording of electronic documents among the land records.
A. A clerk of a circuit court who implements an eRecording System shall do so in compliance with standards established by the Virginia Information Technologies Agency.
B. A clerk of a circuit court may receive, index, store, archive, and transmit electronic land records.
C. A clerk of a circuit court may provide for access to, and for search and retrieval of, land records by electronic means.
D. A clerk of a circuit court who accepts electronic documents for recording among the land records shall continue to accept paper land records and shall place entries for both types of land records in the same indices.
E. A clerk of a circuit court may convert paper records accepted for recording into electronic form. The clerk of circuit court may convert into electronic form land records documents recorded before the clerk of circuit court began to record electronic records.
F. Any fee or tax that a clerk of circuit court is authorized to collect may be collected electronically.
2006, c. 745, § 55-142.12; 2019, c. 712.
§ 55.1-664. (Effective October 1, 2019) Uniform standards.
In consultation with the circuit court clerks, the Executive Secretary of the Supreme Court, and interested citizens and businesses, the Virginia Information Technologies Agency shall develop standards to implement electronic recording of real property documents. The Virginia Information Technologies Agency shall consider standards and practices of other jurisdictions, the most recent standards promulgated by national standard-setting bodies, such as the Real Property Records Industry Association, the views of interested persons and other governmental entities, and the needs of localities of varying sizes, population, and resources.
2005, c. 744, § 55-142.13; 2019, c. 712.
§ 55.1-665. (Effective October 1, 2019) Uniformity of application and construction.
2006, c. 745, § 55-142.14; 2019, c. 712.
Chapter 8. Exchange Facilitators Act.
§ 55.1-801. (Effective October 1, 2019) Change in control.
An exchange facilitator shall notify all existing exchange clients whose relinquished property is located in the Commonwealth, or whose replacement property held under a Qualified Exchange Accommodation Agreement is located in the Commonwealth, of any change in control of the exchange facilitator. Such notification shall be made to the exchange facilitator's clients within 10 business days following the effective date of such change in control either by facsimile or email transmission, or by first-class mail, and by posting such notice of change in control on the exchange facilitator's website, if any, for a period ending not sooner than 90 days after the change in control. Such notification shall set forth the name, address, and other contact information of the transferees. Notwithstanding the above, if the exchange facilitator is a publicly traded company and remains a publicly traded company after a change in control, the publicly traded company shall not be required to notify its existing clients of such change in control.
2010, c. 409, § 55-525.2; 2019, c. 712.
§ 55.1-802. (Effective October 1, 2019) Separately identified accounts, or qualified escrows or qualified trusts.
1. Deposit the exchange funds in a deposit account that is a separately identified account, as defined in Treasury Regulation § 1.468B-6(c)(ii), and provide that any withdrawals from such separately identified account require the written authorization of the exchange client and written acknowledgment of the exchange facilitator. Authorization for withdrawals may be delivered by any commercially reasonable means, including (i) the exchange client's delivery to the exchange facilitator of the exchange client's authorization to disburse exchange funds and the exchange facilitator's delivery to the financial institution of the exchange facilitator's authorization to disburse exchange funds or (ii) delivery to the financial institution of both the exchange client's and the exchange facilitator's authorizations to disburse exchange funds; or
B. The deposit account shall be with a financial institution, and the interest earned on such account shall accrue to the parties as provided in a written agreement between the exchange facilitator and the exchange client. However, the exchange client may expressly direct the exchange facilitator in writing to invest the exchange proceeds in an investment of the exchange client's choice, provided that the exchange facilitator provides written acknowledgment back to the exchange client that includes a confirmation of how the exchange proceeds will be invested.
2010, c. 409, § 55-525.3; 2019, c. 712.
§ 55.1-803. (Effective October 1, 2019) Errors and omissions insurance; cash or letters of credit.
2010, c. 409, § 55-525.4; 2019, c. 712.
§ 55.1-804. (Effective October 1, 2019) Accounting for moneys and property.
A. Every exchange facilitator shall hold all property related to the exchange client, including the exchange funds, other property, and other consideration or instruments received by the exchange facilitator, on behalf of the client, except funds received as the exchange facilitator's compensation. Exchange funds shall be held in accordance with the requirements of § 55.1-802.
2. Lend or otherwise transfer exchange funds to any person or entity affiliated with or related (as described in Internal Revenue Code § 267(b) or 707(b)) to the exchange facilitator, except that this subsection shall not apply to a transfer or loan made to a financial institution that is the parent of or related to the exchange facilitator or to a transfer from an exchange facilitator to an EAT as required under the exchange contract.
2010, c. 409, § 55-525.5; 2019, c. 712.
§ 55.1-805. (Effective October 1, 2019) Prohibited acts.
2010, c. 409, § 55-525.6; 2019, c. 712.
§ 55.1-901. (Effective October 1, 2019) Applicability; effect of noncompliance.
§ 55.1-902. (Effective October 1, 2019) Duty of lender.
§ 55.1-903. (Effective October 1, 2019) Duty of settlement agent.
§ 55.1-904. (Effective October 1, 2019) Prohibition against payment or receipt of settlement services kickbacks, rebates, commissions, and other payments; penalty.
A. No person selling real property, or performing services as a real estate agent, attorney, lay settlement agent, or lender incident to any real estate settlement or sale, shall pay or receive, directly or indirectly, any kickback, rebate, commission, thing of value, or other payment pursuant to any agreement or understanding, oral or otherwise, that business incident to services required to complete a settlement be referred to any person.
1. Expenditures for bona fide advertising and marketing promotions otherwise permissible under the provisions of the federal Real Estate Settlement Procedures Act (12 U.S.C. § 2601 et seq.);
4. An employer's payment to its own bona fide employees for referrals of mortgage loan or insurance business. An employer's payment to its own employees for the referral of insurance business shall be subject to the requirements of subdivision B 8 of § 38.2-1821.1.
C. No person shall be in violation of this section solely by reason of ownership in a settlement service provider, where such person receives returns on investments arising from the ownership interest, provided that such person discloses in writing to the consumer an ownership interest in those settlement services, including such person's ownership percentage in the settlement service provider pursuant to the requirements of § 55.1-905.
1996, c. 883, § 6.1-2.13:1; 1999, c. 109; 2002, c. 599; 2010, c. 794, § 55-525.12; 2011, c. 82; 2019, c. 712.
§ 55.1-905. (Effective October 1, 2019) Disclosure of affiliated business by settlement service providers.
§ 55.1-906. (Effective October 1, 2019) Disclosure of charges for appraisal or valuation using automated or other valuation mechanism.
Chapter 10. Real Estate Settlement Agents.
"Licensing authority" means the (i) Commission acting pursuant to this chapter, Title 6.2, Title 12.1, or Title 38.2; (ii) the Virginia State Bar acting pursuant to this chapter or Chapter 39 (§ 54.1-3900 et seq.) of Title 54.1; or (iii) the Virginia Real Estate Board acting pursuant to this chapter or Chapter 21 (§ 54.1-2100 et seq.) of Title 54.1.
§ 55.1-1001. (Effective October 1, 2019) Limitation on applicability of chapter.
1997, c. 716, § 6.1-2.19; 1998, cc. 69, 162, 736; 1999, c. 647, § 6.1-2.30; 2010, c. 794, § 55-525.17; 2016, c. 619; 2019, c. 712.
§ 55.1-1002. (Effective October 1, 2019) Scope of chapter; lay real estate settlement agents.
1. A lay real estate settlement agent may provide escrow, closing, and settlement services for any real property located within the Commonwealth, and receive compensation for such services, provided that he is registered pursuant to and is in compliance with the provisions of this chapter with the exception of subsection A; and
2. A party to a real estate transaction involving the purchase of or lending on the security of real estate located in the Commonwealth containing more than four residential dwelling units shall have the same authority as a party to a real estate transaction as is provided pursuant to subsection B of § 55.1-1003.
1997, c. 716, § 6.1-2.19; 1998, cc. 69, 162, 736; 1999, c. 647, § 6.1-2.32; 2010, c. 794, § 55-525.18; 2019, c. 712.
§ 55.1-1003. (Effective October 1, 2019) Persons who may act as a settlement agent.
Any person described in subdivisions 1 through 6 not acting in the capacity of a settlement agent shall not be subject to the provisions of this chapter.
1997, c. 716, § 6.1-2.21; 1998, c. 69; 2000, c. 549; 2002, c. 464; 2007, c. 898; 2008, c. 92; 2010, c. 794, § 55-525.19; 2019, c. 712.
§ 55.1-1004. (Effective October 1, 2019) Duties of settlement agents.
A. A settlement agent shall exercise reasonable care and comply with all applicable requirements of this chapter and its licensing authority regarding licensing, financial responsibility, errors and omissions or malpractice insurance policies, fidelity bonds, employee dishonesty insurance policies, audits, escrow account analyses, and record retention.
B. A settlement agent who is not (i) a person described in subdivision A 5 of § 55.1-1003 or (ii) a title insurance company as defined in § 38.2-4601 shall maintain the following to the satisfaction of the appropriate licensing authority:
1. An errors and omissions or malpractice insurance policy providing a minimum of $250,000 in coverage;
2. A blanket fidelity bond or employee dishonesty insurance policy covering persons employed by the settlement agent providing a minimum of $100,000 in coverage. When the settlement agent has no employees except the owners, partners, shareholders, or members, the settlement agent may apply to the appropriate licensing authority for a waiver of this fidelity bond or employee dishonesty requirement; and
3. A surety bond of not less than $200,000.
C. A settlement agent, other than an attorney or a title insurance company if such company's financial statements are audited annually by an independent certified public accountant, shall, at its expense, have an audit of its escrow accounts conducted by an independent certified public accountant at least once each consecutive 12-month period. The appropriate licensing authority shall require the settlement agent to provide a copy of its audit report to the licensing authority no later than 60 days after the date on which the audit is completed. A settlement agent that is a licensed title insurance agent under Title 38.2 shall also provide a copy of the audit report to each title insurance company that it represents. In lieu of such annual audit, a settlement agent that is licensed as a title insurance agent under Title 38.2 shall allow each title insurance company for which it has an appointment to conduct an analysis of its escrow accounts in accordance with regulations adopted by the Commission or guidelines issued by the Bureau of Insurance of the Commission, as appropriate, at least once each consecutive 12-month period, and each title insurance company conducting such analysis shall submit a copy of its analysis report to the appropriate licensing authority no later than 60 days after the date on which the analysis is completed. With the consent of the title insurance agent, a title insurance company may share the results of its analysis with other title insurance companies that will accept the same in lieu of conducting a separate analysis. A title insurance company shall retain a copy of the analysis or audit report, as applicable, for each title insurance agent it has appointed and such reports and other records of the insurance company's activities as a settlement agent shall be made available to the appropriate licensing authority when examinations are conducted pursuant to provisions in Title 38.2.
1997, c. 716, § 6.1-2.21; 1998, c. 69; 2000, c. 549; 2002, c. 464; 2007, c. 898; 2008, c. 92; 2010, c. 794, § 55-525.20; 2019, c. 712.
§ 55.1-1005. (Effective October 1, 2019) Persons prohibited from assisting or being employed by settlement agents.
A. A person who has been convicted of a felony involving fraud, deceit, or misrepresentation shall not assist a settlement agent in the performance of escrow, closing, or settlement services involving the receipt or disbursement of funds from real estate settlements in the Commonwealth.
B. A settlement agent shall not employ a person who has been convicted of a felony involving fraud, deceit, or misrepresentation in an administrative or clerical capacity that involves the receipt or disbursement of funds from real estate settlements in the Commonwealth.
1997, c. 716, § 6.1-2.21; 1998, c. 69; 2000, c. 549; 2002, c. 464; 2007, c. 898; 2008, c. 92; 2010, c. 794, § 55-525.21; 2019, c. 712.
§ 55.1-1006. (Effective October 1, 2019) Choice of settlement agent.
2009, c. 140, § 6.1-2.21:1; 2010, c. 794, § 55-525.22; 2019, c. 712.
§ 55.1-1007. (Effective October 1, 2019) Disclosure.
All contracts involving the purchase of real estate containing not more than four residential dwelling units shall include in at least 10-point boldface type the following language:
"Choice of Settlement Agent: Chapter 10 (§ 55.1-1000 et seq.) of Title 55.1 of the Code of Virginia provides that the purchaser or borrower has the right to select the settlement agent to handle the closing of this transaction. The settlement agent's role in closing this transaction involves the coordination of numerous administrative and clerical functions relating to the collection of documents and the collection and disbursement of funds required to carry out the terms of the contract between the parties. If part of the purchase price is financed, the lender for the purchaser will instruct the settlement agent as to the signing and recording of loan documents and the disbursement of loan proceeds. No settlement agent can provide legal advice to any party to the transaction except a settlement agent who is engaged in the private practice of law in Virginia and who has been retained or engaged by a party to the transaction for the purpose of providing legal services to that party.
"Variation by agreement: The provisions of Chapter 10 (§ 55.1-1000 et seq.) of Title 55.1 of the Code of Virginia may not be varied by agreement, and rights conferred by this chapter may not be waived. The seller may not require the use of a particular settlement agent as a condition of the sale of the property.
"Escrow, closing, and settlement services guidelines: The Virginia State Bar issues guidelines to help settlement agents avoid and prevent the unauthorized practice of law in connection with furnishing escrow, settlement, or closing services. As a party to a real estate transaction, the purchaser or borrower is entitled to receive a copy of these guidelines from his settlement agent, upon request, in accordance with the provisions of Chapter 10 (§ 55.1-1000 et seq.) of Title 55.1 of the Code of Virginia."
1997, c. 716, § 6.1-2.22; 2009, c. 140; 2010, c. 794, § 55-525.23; 2019, c. 712.
§ 55.1-1008. (Effective October 1, 2019) Conditions for providing escrow, closing, or settlement services and for maintaining escrow accounts.
1. The funds shall be the property of the person entitled to them under the provisions of the escrow, settlement, or closing agreement and shall be segregated for each depository by escrow, settlement, or closing in the records of the settlement agent in a manner that permits the funds to be identified on an individual basis; and
B. Funds held in an escrow account shall be disbursed only pursuant to a written instruction or agreement specifying how and to whom such funds may be disbursed. Funds payable to persons other than the settlement agent shall be disbursed in accordance with § 55.1-903, except:
D. Nothing in this chapter shall be deemed to prohibit the recording of documents prior to the time funds are available for disbursement with respect to a transaction, provided that all parties consent to such recordation.
F. Nothing in this section is intended to amend, alter, or supersede other sections of this chapter, or the laws of the Commonwealth or the United States, regarding the duties and obligations of the settlement agent in maintaining escrow accounts.
1997, c. 716, § 6.1-2.23; 1998, c. 69; 2001, cc. 316, 512; 2010, c. 794, § 55-525.24; 2016, c. 619; 2019, c. 712.
§ 55.1-1009. (Effective October 1, 2019) Falsifying settlement statements prohibited.
2000, c. 549, § 6.1-2.23:1; 2010, c. 794, § 55-525.25; 2016, c. 619; 2019, c. 712.
§ 55.1-1010. (Effective October 1, 2019) Separate charge for reporting transactions limited.
No settlement agent shall charge any party to a real estate transaction, as a separate item on a settlement statement or closing disclosure, a sum exceeding $10 for complying with any requirement imposed on the settlement agent by § 58.1-316 or 58.1-317.
2005, cc. 734, 780, § 6.1-2.23:2; 2010, c. 794, § 55-525.26; 2016, c. 619; 2019, c. 712.
§ 55.1-1011. (Effective October 1, 2019) Record retention requirements.
1997, c. 716, § 6.1-2.24; 2010, c. 794, § 55-525.27; 2019, c. 712.
§ 55.1-1013. (Effective October 1, 2019) Accounting by title insurance companies.
A title insurance company domiciled in the Commonwealth or acting in the capacity of a settlement agent pursuant to this chapter shall account for funds held and income derived from escrow, closing, or settlement services in accordance with the applicable instructions of, and the accounting practices and procedures manuals adopted by, the Association when filing the annual statements and reports required under Chapter 13 (§ 38.2-1300 et seq.) of Title 38.2.
1997, c. 716, § 6.1-2.25; 2004, cc. 336, 597; 2010, c. 794, § 55-525.29; 2019, c. 712.
§ 55.1-1014. (Effective January 1, 2021) Settlement agent registration requirements and compliance with unauthorized practice of law guidelines; civil penalty.
A. Every settlement agent subject to the provisions of this chapter shall be registered as such with the appropriate licensing authority. In conjunction therewith, settlement agents shall furnish (i) their names, business addresses, and telephone numbers and (ii) such other information as may be required. Each such registration (a) shall be accompanied by a nonrefundable fee prescribed by the appropriate licensing authority and (b) shall be renewed at least biennially thereafter. When the registration of a settlement agent is renewed, the appropriate licensing authority shall notify the registrant of the provisions of § 17.1-223.
D. The Virginia State Bar shall receive complaints concerning settlement agent or financial institution noncompliance with the guidelines established pursuant to subsection B and shall (i) investigate such complaints to the extent they concern the unauthorized practice of law or any other matter within its jurisdiction and (ii) refer all other matters or allegations to the appropriate licensing authority. The willful failure of any settlement agent to comply with the guidelines shall be considered a violation of this chapter, and such agent shall be subject to a civil penalty not exceeding $5,000 for each such failure as the Virginia State Bar may determine.
1997, c. 716, §§ 6.1-2.25, 6.1-2.26; 2004, cc. 336, 597; 2009, c. 256; 2010, c. 794, § 55-525.30; 2016, c. 619; 2019, cc. 675, 712.
§ 55.1-1014. (Effective October 1, 2019, until January 1, 2021) Settlement agent registration requirements and compliance with unauthorized practice of law guidelines; civil penalty.
A. Every settlement agent subject to the provisions of this chapter shall be registered as such with the appropriate licensing authority. In conjunction therewith, settlement agents shall furnish (i) their names, business addresses, and telephone numbers and (ii) such other information as may be required. Each such registration (a) shall be accompanied by a nonrefundable fee not to exceed $100 and (b) shall be renewed at least biennially thereafter. When the registration of a settlement agent is renewed, the appropriate licensing authority shall notify the registrant of the provisions of § 17.1-223.
B. The Virginia State Bar, in consultation with the Commission and the Virginia Real Estate Board, shall adopt regulations establishing guidelines for settlement agents designed to assist them in avoiding and preventing the unauthorized practice of law in conjunction with providing escrow, closing, and settlement services. Such guidelines shall be furnished by the appropriate licensing authority to (i) each settlement agent at the time of registration and any renewal thereof, (ii) state and federal agencies that regulate financial institutions, and (iii) members of the general public upon request. Such guidelines shall also be furnished by settlement agents to any party to a real estate transaction in which such agents are providing escrow, closing, or settlement services, upon request.
C. The Virginia State Bar shall receive complaints concerning settlement agent or financial institution noncompliance with the guidelines established pursuant to subsection B and shall (i) investigate such complaints to the extent they concern the unauthorized practice of law or any other matter within its jurisdiction and (ii) refer all other matters or allegations to the appropriate licensing authority. The willful failure of any settlement agent to comply with the guidelines shall be considered a violation of this chapter, and such agent shall be subject to a civil penalty not exceeding $5,000 for each such failure as the Virginia State Bar may determine.
1997, c. 716, §§ 6.1-2.25, 6.1-2.26; 2004, cc. 336, 597; 2009, c. 256; 2010, c. 794, § 55-525.30; 2016, c. 619; 2019, c. 712.
§ 55.1-1015. (Effective October 1, 2019) Penalties and liabilities.
A. If the appropriate licensing authority determines that the settlement agent licensed by it or any of its other licensees has violated this chapter, or any regulation or order adopted thereunder, after notice and opportunity to be heard, the appropriate licensing authority may do one or more of the following:
1. Impose a civil penalty not exceeding $5,000 for each violation;
2. Revoke or suspend the applicable licenses;
3. Issue a restraining order requiring such person to cease and desist from engaging in such act or practice; or
4. Require restitution to be made by the person violating this chapter in the amount of any actual, direct financial loss.
B. The appropriate licensing authority may terminate administratively the registration of any settlement agent if the settlement agent (i) no longer holds a license, (ii) fails to renew its registration, or (iii) fails to comply with the financial responsibility requirements set forth in § 55.1-1004.
C. In addition to the authority given in subsection A, and pursuant to § 12.1-13, the Commission, after determining that any person who does not hold a license from the appropriate licensing authority has violated this chapter or any regulation or order adopted thereunder, may do one or more of the following:
2. Issue a temporary or permanent injunction, or restraining order requiring such person to cease and desist from engaging in such act or practice; or
3. Require restitution to be made by the person violating this chapter in the amount of any actual, direct financial loss.
D. Nothing in this section shall affect the right of the appropriate licensing authority to impose any other penalties provided by law or regulation. Notwithstanding any provision contained in this section to the contrary, as to that portion of any complaint by a party to the real estate transaction arising under this chapter or any regulation or order adopted thereunder relating to the unauthorized practice of law, the Virginia State Bar, after complying with applicable law and regulation relating to unauthorized practice of law complaints and concluding the activity was not authorized by statute or regulation, may refer that portion of such complaint to the Attorney General or an attorney for the Commonwealth. The Attorney General or attorney for the Commonwealth may, in addition to any other powers conferred on him by law, seek the issuance of a temporary or permanent injunction or restraining order against any person so violating this chapter or any regulation or order adopted thereunder.
E. A final order of the licensing authority imposing a civil penalty or ordering restitution may be recorded, enforced, and satisfied as orders of a circuit court upon certification of such order by the licensing authority.
1997, c. 716, § 6.1-2.27; 2000, c. 549; 2004, c. 597; 2009, c. 256; 2010, c. 794, § 55-525.31; 2019, c. 712.
§ 55.1-1016. (Effective October 1, 2019) Confidentiality of information obtained by the Commission.
A. Any documents, materials, or other information in the control or possession of the Commission that are furnished by a title insurance company or title insurance agent or an employee thereof acting on behalf of the title insurance company or title insurance agent, or obtained by the Commission in an investigation pursuant to this chapter, shall be confidential by law and privileged, shall not be subject to inspection or review by the general public, shall not be subject to subpoena, and shall not be subject to discovery or admissible in evidence in any private civil action. The Commission is authorized to use the documents, materials, or other information in the furtherance of any regulatory or legal action brought as a part of the Commission's duties.
B. Neither the Commission nor any person who received documents, materials, or other information while acting under the authority of the Commission shall be permitted or required to testify in any private civil action concerning any confidential documents, materials, or information subject to subsection A.
C. In order to assist in the performance of the Commission's duties under this chapter, the Commission:
1. May share documents, material, or other information, including the confidential and privileged documents, materials, or information subject to subsection A, with other state, federal, and international regulatory agencies, with the Association and its affiliates and subsidiaries, and with local, state, federal, and international law-enforcement authorities, provided that the recipient agrees to maintain the confidentiality and privileged status of the document, material, or other information; and
2. May receive documents, materials, or information, including otherwise confidential and privileged documents, materials, or information, from the Association or its affiliates or subsidiaries and from regulatory and law-enforcement officials of other foreign or domestic jurisdictions and shall maintain as confidential or privileged any document, material, or information received with notice or the understanding that it is confidential or privileged under the laws of the jurisdiction that is the source of the document, material, or information.
D. No waiver of any applicable privilege or claim of confidentiality in the documents, materials, or information shall occur as a result of disclosure to the Commission under this section or as a result of sharing as authorized in subsection C.
E. Nothing in this chapter shall prohibit the Commission from releasing final, adjudicated actions, including for-cause terminations that are open to public inspection pursuant to Chapter 4 (§ 12.1-18 et seq.) of Title 12.1, to a database or other clearinghouse service maintained by the Association or its affiliates or subsidiaries.
2006, c. 312, § 6.1-2.27:1; 2008, c. 303; 2010, c. 794, § 55-525.32; 2019, c. 712.
Chapter 11. Commercial Real Estate Broker's Lien Act.