A process has been established for the return of fees and taxes collected by the Northern Virginia Transportation Authority. The following is a brief summary of the process. Please click here to view the complete guidelines.

• The Clerk of the Court is required to make refunds to the settlement agents who paid fees on behalf of sellers involved in real estate transactions. If no settlement agent was involved in a transaction, the Clerk will establish a refund procedure.
• Settlement agents are required to make refunds to the appropriate parties within 90 days after receipt of funds from the Clerk, but in no event later than August 22, 2008.
• Settlement agents will disburse funds to the appropriate parties pursuant to the sales contract, HUD-1 settlement statement, property settlement agreement or other legally binding agreement of the parties to the transaction.
• If the Clerk or settlement agent is unable to locate or identify the appropriate parties to whom funds are due before September 30, 2008, the refunds may be treated as unclaimed property.

NVAR suggests, as a courtesy, that agents forward a copy of the HUD-1 statement from affected transactions to sellers.

The Clerk’s office recommends waiting two weeks before contacting settlement agents to check on the status of any expected refunds.

If you have additional questions regarding these procedures, please contact NVAR General Counsel, Ann-Lewise Shaw at 703.207.3262 or by .
Back to home