Blog — Vesta Settlements

Legislative Update on a Represented Seller's Closing Fees

Legislative Update on a Represented Seller's Closing Fees

In March of this year, the Virginia Legislature approved a new bill which would require written consent from a represented seller’s counsel before a settlement agent or its subsidiaries, affiliates, or subcontractors [“Settlement Agent”] can collect any fees payable to the Settlement Agent from the seller. Effective July 1, 2023, the law regarding choice of Settlement Agents in Virginia will read as follows:

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