Professional Regulation

Real Estate Settlement Agents

News: 4/28/2022 — The Commonwealth of Virginia Commissioner of Insurance at the State Corporation Commission issued a memo dated February 4, 2022, regarding “split settlements.”  Read the memo.

As the letter interprets sections of the Code of Virginia regarding the duties of settlement agents and how closings are to be conducted, as opposed to the Rules of Professional Conduct and the regulation of lawyers, the Virginia State Bar takes no position on the content of the letter.

The Virginia State Bar staff and Standing Committee on Legal Ethics was asked to provide guidance as to how the issue of split settlements affects practitioners. At its meeting on March 24, 2022, the Committee considered the FAQs prepared by staff and concluded that the issues and questions raised as a result of the Bureau of Insurance letter were beyond the scope of its authority to interpret and apply the Rules of Professional Conduct. The Committee recommended that staff refer the draft FAQs for review by the Real Property Section of the Virginia State Bar and consider posting the FAQs on the section’s web page.

FORMS

For registration information on title insurance agents, agencies, corporations, and title companies, please visit the State Corporation Commission's website. See SCC Real Estate Settlement Agent FAQs (pdf)
 

Updated: Apr 28, 2022