18VAC135-20-310: Improper delivery of instruments

Actions constituting improper delivery of instruments include:

1. Failing to make prompt delivery to each principal to a transaction, complete and legible copies of any written disclosures required by §§ 54.1-2138, 54.1-2139, 54.1-2139.01, and 54.1-2139.1 of the Code of Virginia, listings, leases, offers to purchase, counteroffers, addenda and ratified agreements, and other documentation required by the agreement;

2. Failing to deliver to the seller and buyer, at the time a real estate transaction is completed, a complete and accurate statement of receipts and disbursements of moneys received by the licensee, duly signed and certified by the principal or supervising broker or the broker's authorized agent; provided, however, if the transaction is closed by a settlement agent other than the licensee or the licensee's broker, and if the disbursement of moneys received by the licensee is disclosed on the applicable settlement statement, the licensee will not be required to provide the separate statement of receipts and disbursements; and

3. Refusing or failing without just cause to surrender to the rightful owner, upon demand, any document or instrument that the licensee possesses.