Legal Question in Real Estate Law in Virginia

Are there any time requirements for a settlement agent to pay funds due the sell
The settlement agent has told me that I (the seller) will not receive the proceeds from settlement until the sale has been recorded by the county (Fairfax county). Further, that the funds are generally released within one business day of settlement but that due to end of the month volume, it may 2 or more business days before the funds become available. Is this accurate? I thought I would walk out of closing with a check. Is there any requirement for a settlement agent to deliver the proceeds within a certain time? If not, what's to prevent settlement agents from delaying proceeds payment in order to earn interest on the funds?

Asked on 8/28/02, 3:27 pm

Michael Hendrickson Law Office Michael E. Hendrickson

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Re: Are there any time requirements for a settlement agent to pay funds due the

Settlement agents are generally expected to

release proceeds from the sale of property to the

sellers within a reasonable time of the settlement. Two or three days would undoubtedly qualify as reasonable.

Answered on 8/28/02, 6:51 pm

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