HB1028: Real estate settlement; choice of settlement service provider.
HOUSE BILL NO. 1028
Be it enacted by the General Assembly of Virginia:
1. That § 55-525.22 of the Code of Virginia is amended and reenacted as follows:
§ 55-525.22. Choice of settlement agent, mortgage lender or broker, and other vendors associated with a real estate closing.
A purchaser or borrower in a transaction related to real
estate in the Commonwealth shall have the right to select the settlement agent, mortgage lender or broker, and any other vendor
associated with the financing or settlement of real estate to
provide escrow, closing, or settlement services in connection with the
transaction. The seller in or any other party associated with such a transaction may not require the use of, or offer anything of value for
the use of, a particular settlement agent, mortgage
lender or broker, or any other vendor associated
with the financing or settlement of real estate as a
condition of the sale of the property.