Virginia Real Estate Settlement Agent Bond
Complete Guide to Bonding for Real Estate Agents and Brokers in Virginia
1. Start Your Application
2. Receive Your Free Quote
3. Buy Your Surety Bond
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How Much Does a Virginia Real Estate Settlement Agent Bond Cost?
The cost of a Virginia real estate settlement agent bond is between $2,000 and $20,000. The state requires settlement agents to hold a $200,000 surety bond. Instead of paying the bond’s full penal sum, however, you can pay a bond premium to meet the state’s requirement.
Our surety company is authorized to sell bonds in Virginia, and we have provided residents with the bonds they need for over a decade. Bond rates are available between 1% to 10%. Your business credentials, financial assets and credit scores are reviewed to determine your rate.
More than 99% of our applicants qualify for their bond through our simplified process. All credit scores are considered. A 700 credit score or higher qualifies you for a bond rate of 1% to 3%. In this case, the cost of a Virginia real estate settlement agent bond is between $2,000 and $6,000.
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Surety Bond Cost Based on Credit Score |
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Surety Bond Name |
Surety Bond Amount |
Over 700 |
Between 600 - 699 |
Below 599 |
|
Virginia Real Estate Settlement Agent Bond |
$200,000 |
$2,000 - $6,000 |
$6,000 - $10,000 |
$10,000 - $20,000 |
How to Get a Virginia Real Estate Settlement Agent Bond
1. Apply For Your Bond
It only takes a few minutes to apply for your real estate settlement agent bond. Use our short online application to begin the easy process.
Sherry recently applied for a real estate settlement agent surety bond using our online application. Within minutes, she was reviewing her bond quote. After paying the bond premium online, she quickly received the bond in her email inbox and started working in her field.
2. Get Your Bond Quote
Bond applications are reviewed promptly, and many applicants receive an immediate bond quote. In the event your application is complex and needs additional review, you will receive a quote within 48 hours.
3. Purchase Your Bond
To wrap up your purchase, use our online portal to make your bond premium payment. We will quickly prepare your bond and email it to you. Upon request, we are also happy to mail your bond.
If you need assistance with your bond application or have questions, we can help. For friendly assistance from our bond experts, contact us online or reach us by phone at (877) 514-5146.
Real Estate Settlement Agent Bond Requirements in Virginia
Under Chapter 10 of Title 55.1 of the Code of Virginia, real estate settlement agents are required to be licensed. One of the licensing requirements is a $200,000 surety bond. The bond’s obligee is the Commonwealth of Virginia. The purpose of the bond is to compensate those affected by errors, omissions and fraud.
The bond runs continuously until it is canceled. The surety company may cancel the bond by providing the principal and the Virginia State Corporation Commission with a 60-day written notice.
Because the bond is a condition of licensing, it must be maintained until the agent ceases business activities. To maintain your real estate settlement agent bond, you must pay the bond premium each year. Prior to the annual due date, we will contact you with current payment instructions.
How to Get Your Real Estate Settlement Agent License in Virginia
The Virginia State Corporation Commission is responsible for licensing real estate settlement agents. Complete licensing information is found here. The following items are needed to apply:
- Application
- Surety bond
- Criminal history check
- Application fee
Our surety bond experts are available to assist you with your real estate settlement agent bond. For questions about the licensing requirements, please contact:
Virginia State Corporation Commission
1300 E. Main Street
Richmond, VA 23219
Phone: (804) 371-9967
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What Our Clients Have To Say?
Quick response times and turn around for issuing bonds. Great customer service and very knowledgeable. We have used Lance Surety multiple times and have never been disappointed. Highly recommend them and Collette!
Long story short, these guys cut through the B.S. and get the job done. Responsiveness, excellent! Communication, excellent! Respect for their industry partners, excellent! John, Collette, Ryan, you're all-stars! Thank you!
We decided for Lance Surety Bond's quote for 2 reasons; Price and Customer Service. Our Representative Ryan was just SUPERB!! [...] I highly recommend Lance Surety Bond for all your Bonding needs! I'll definitely come back for all of mine. :-) Thanks Ryan!
Quick response times and turn around for issuing bonds. Great customer service and very knowledgeable. We have used Lance Surety multiple times and have never been disappointed. Highly recommend them and Collette!
Long story short, these guys cut through the B.S. and get the job done. Responsiveness, excellent! Communication, excellent! Respect for their industry partners, excellent! John, Collette, Ryan, you're all-stars! Thank you!
We decided for Lance Surety Bond's quote for 2 reasons; Price and Customer Service. Our Representative Ryan was just SUPERB!! [...] I highly recommend Lance Surety Bond for all your Bonding needs! I'll definitely come back for all of mine. :-) Thanks Ryan!
