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CRESPA bond is doubled

The CRESPA bond requirement is being increased, according to this announcement from the Virginia State Bar.

An amendment to Code § 6.1-2.21 increasing the minimum CRESPA surety bond from $100,000 to $200,000 will be effective on July 1, 2008.

UPDATE: Here’s an update on Thursday afternoon, direct from the VSB Executive Committee which is meeting in Smithfield. VSB leaders anticipated that they would be able to provide a grace period for compliance, but the bar has determined that that’s not possible.

The VSB site now contains this statement: “An original rider or a replacement bond must be received in the office of the Virginia State Bar by July 1, 2008, or your CRESPA registration will be revoked, and you will not be able to perform residential real estate closings.”

As the poet once said, govern yourself accordingly.

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