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Virginia considers title insurance legislation
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Legislative Developments
Monday, January 17, 2022
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The Virginia General Assembly is considering legislation that would require settlement agents to obtain from the purchaser a statement that the purchaser has been notified that the purchaser may wish to obtain owner’s title insurance coverage. It would also provide that a real estate licensee has an affirmative duty to disclose in writing to the purchaser, seller, lessor or lessee if they, a family member, or their firm has an ownership interest to the other parties to the transaction. In addition, it would require an owner of residential property to provide a prospective purchaser a written disclosure of any known lis pendens on the property.
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