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What is a Settlement Agent? How can I find one in Virginia?

What is a Settlement Agent? How can I find one in Virginia?

Hi!

An important component in the sale or purchase of your home is a settlement agent. Who can perform these services in the state of Virginia?

A settlement agent is anyone, other than “a party to the real estate transaction,” who provides closing, escrow or settlement services in the state of Virginia, in connection with a sale, a transaction, involving real estate of not more than four residential units.

Who can legally provide these services in Virginia?

– A title insurance company or agent licensed by the State Corporation Commisison

– A real estate broker licensed by the Virginia Real Estate Board

– A financial institution, or an affiliate or subsidiary of one, authorized to do business in Virginia under Title 6.2 of the Code of Virginia, or under federal law. This includes state and federal savings institutions, state and national banks, credit unions, trust companies, state finance companies and state industrial loan associations.

Where can one find the best settlement companies?

As with referrals to great real estate agents and vendors used in connection with a home sale or purchase, the best source is a referral from someone you know and trust, and who really knows the value of a great settlement company. The best source is your real estate agent who works with settlement companies daily, and so sees the quality of their work.

A very established Realtor who provides a comprehensive service package for you will have the name of one on hand. And better yet, the Realtor, agent, will be affiliated with one – have an ownership interest in a joint venture with one, which best insures you are getting top-notch attention, because the company knows it has to do good business EVERY TIME.  The Realtor has a vested interest in the settlement company’s success and the settlement company has a huge invested interest in the success of the Realtor’s transactions, sales – ie, they have to answer to the Realtor at some level.

I hope this helps. Contact me if you have questions. And you can bet I have an incredible settlement company to refer you to. Only the best to take care of you. Have a great day!

Cheers,

Ken

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