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Bond claim survives CRESPA (access required)

Virginia’s statutory scheme for regulating real estate settlement agents – the CRESPA statute adopted in 1997 – does not prevent a suit to recover under the surety bond that settlement agents have to carry. In the current economic climate, with plenty of loss to go around, sureties are facing an increase in claims on CRESPA bonds, ...

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One comment

  1. Thank you for this excellent post. Clearly the bond requirements for this class of business were reasonably substantial and made a surety bond claim worthwhile. Many professional license bond requirements are as low as $5,000 or $10,000 and would be much less help in a similar circumstance.

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