The Virginia Code defines a “Settlement Agent” as “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.” VA Code § 55.1-1000.

Sometimes Settlement Agents are attorneys. However, they are not required to be lawyers. Settlement Agents can include those individuals that are:

1. Licensed as an attorney;

2. Licensed as a title insurance company;

3. Licensed as a title insurance and appointed by a title insurance company licensed in the         Commonwealth;

4. Licensed as a real estate broker

5. A financial institution authorized to do business in the Commonwealth or under federal law; or6. A subsidiary or affiliate of a financial institution described in #5.

VA Code § 55.1-1003(A).

Q. Who gets to choose the “Settlement Agent”? Under Virginia law, the buyer has the exclusive right to choose the Settlement Agent involved with the transaction. Va Code § 55.1-1006. The seller cannot require the use of a particular settlement agent as a condition of the sale of the property. Va Code § 55.1-1006.