Thursday, March 25, 2010

Q&A: CRESPA and a Virginia Buyer's Right to Select Settlement Agent

Q: Can a buyer in Virginia choose a settlement agent after they have already signed a contract listing another settlement agent?

A: Yes. Virginia’s Consumer Real Estate Settlement Procedures Act (CRESPA), in § 6.1-2.22 (Disclosure) states that "the purchaser or borrower has the right to select the settlement agent to handle the closing of this transaction." Furthermore, this right may not be waived by agreement, meaning that even if the contract provides for a particular title company, the buyer may later select the title company of his choice.

Source here.