Virginia Code 55.1-1011: Record retention requirements
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The settlement agent shall maintain sufficient records of its affairs so that the appropriate licensing authority may adequately ensure that the settlement agent is in compliance with all provisions of this chapter. The settlement agent shall retain records pertaining to each settlement handled for a minimum of five years after the settlement is completed. The appropriate licensing authority may prescribe the specific record entries and documents to be kept.
Terms Used In Virginia Code 55.1-1011
- Licensing authority: means the (i) Commission acting pursuant to this chapter, Virginia Code 55.1-1000
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
- Settlement agent: means a person, other than a party to the real estate transaction, that provides escrow, closing, or settlement services in connection with a transaction related to real estate in the Commonwealth and that is listed as the settlement agent on the settlement statement or closing disclosure for such transaction. See Virginia Code 55.1-1000
1997, c. 716, § 6.1-2.24; 2010, c. 794, § 55-525.27; 2019, c. 712.