Virginia Insurance Title Settlement Agent Surety Bond

Requirements for Virginia Title Insurance Agents

Title insurance agents and agencies in Virginia are required to obtain a $200,000 surety bond to legally operate in the state. This bond is mandated by the Commonwealth of Virginia for settlement agents handling real estate transactions.

Individual employees of registered settlement title agencies do not need to obtain separate surety bonds. Those unsure if they need a license can refer to the Virginia code for real estate settlement agents for clarification.

Purpose and Coverage of the Bond

The Virginia insurance title settlement agent surety bond provides financial protection for consumers and the state in case the bonded agent fails to comply with state laws and regulations or mishandles client funds.

The $200,000 bond amount serves as a guarantee that the title agent will faithfully perform their duties and adhere to all relevant statutes governing title insurance and real estate settlements in Virginia.