What does CRESPA require an attorney to do if he or she wants to handle residential real estate closings in Virginia?
a. All lawyers who were handling residential real estate closings prior to July 1, 1997, and intend to continue to do so in the future must register with the Virginia State Bar and certify their compliance with the Act by September 29, 1997. Lawyers beginning to do such work on or after July 1 must be in compliance prior to closing residential real estate transactions. b. Lawyers who close residential real estate transactions as settlement agents will be required to carry malpractice insurance providing coverage of at least $250,000 per claim, file a surety bond with a penalty of at least $100,000 and, unless exempted, carry a blanket fidelity bond or employee dishonesty insurance policy providing limits of at least $100,000. An exemption may be claimed only by an attorney settlement agent with no other employees. c. Each individual attorney settlement agent must pay a fee of $20.00 payable to the Treasurer of Virginia to accompany the Registration Form, Certification, and Surety Bond
