55-525.16 - (Effective October 1, 2010) Definitions.
§ 55-525.16. (Effective October 1, 2010) Definitions.
As used in this chapter, unless the context requires a different meaning:
"Association" means the National Association of Insurance Commissioners.
"Commission" means the State Corporation Commission.
"Escrow" means written instruments, money, or other items deposited by aparty with a settlement agent for delivery to other persons upon theperformance of specified conditions or the happening of a certain event.
"Escrow, closing, or settlement services" means the administrative andclerical services required to carry out the terms of contracts affecting realestate. These services include placing orders for title insurance, receivingand issuing receipts for money received from the parties, ordering loanchecks and payoffs, ordering surveys and inspections, preparing settlementstatements, determining that all closing documents conform to the parties'contract requirements, setting the closing appointment, following up with theparties to ensure that the transaction progresses to closing, ascertainingthat the lenders' instructions have been satisfied, conducting a closingconference at which the documents are executed, receiving and disbursingfunds, completing form documents and instruments selected by and inaccordance with instructions of the parties to the transaction, handling orarranging for the recording of documents, sending recorded documents to thelender, sending the recorded deed and the title policy to the buyer, andreporting federal income tax information for the real estate sale to theInternal Revenue Service.
"Lay real estate settlement agent" means a person who (i) is not licensedas an attorney under Chapter 39 (§ 54.1-3900 et seq.) of Title 54.1, (ii) isnot a party to the real estate transaction, (iii) provides escrow, closing,or settlement services in connection with a transaction related to any realestate in the Commonwealth, and (iv) is listed as the settlement agent on thesettlement statement for such transaction.
"Licensing authority" shall mean the (i) Commission acting pursuant to thischapter, Title 6.2, Title 12.1, or Title 38.2; (ii) the Virginia State Baracting pursuant to this chapter or Chapter 39 (§ 54.1-3900 et seq.) of Title54.1; or (iii) the Virginia Real Estate Board acting pursuant to this chapteror Chapter 21 (§ 54.1-2100 et seq.) of Title 54.1.
"Party to the real estate transaction" means with respect to that realestate transaction, a lender, seller, purchaser or borrower, and with respectto a corporate purchaser, any entity that is a subsidiary of or under commonownership with that corporate purchaser.
"Settlement agent" means a person, other than a party to the real estatetransaction, who provides escrow, closing, or settlement services inconnection with a transaction related to real estate in the Commonwealth andwho is listed as the settlement agent on the settlement statement for suchtransaction. Any person, other than a party to the transaction, who conductsthe settlement conference and receives or handles money shall be deemed a"settlement agent" subject to the applicable requirements of this chapter.
"Settlement statement" means the statement of receipts and disbursementsfor a transaction related to real estate, including a statement prescribedunder the Real Estate Settlement Procedures Act of 1974 (RESPA) (12 U.S.C. §2601 et seq.), as amended, and the regulations thereunder.
(1997, c. 716, § 6.1-2.20; 1998, cc. 69, 598; 1999, c. 647, § 6.1-2.32; 2002,c. 375; 2010, c. 794.)