{"data":{"id":"us-va/va.-code-6.2-419","jurisdiction":"us-va","citation":"Va. Code § 6.2-419","heading":"Disclosure of terms of assumption","body":"A. An owner of residential real estate that is improved by the construction thereon of housing consisting of four or fewer dwelling units and encumbered by a mortgage or deed of trust shall have the right, upon written request to any holder of the obligation secured by the mortgage or deed of trust, to receive a written disclosure of whether the holder will permit a qualified purchaser to assume the mortgage or deed of trust. If the answer is in the affirmative, the holder shall disclose the following information regarding the terms of such assumption:1. The rate of interest to be assumed, which may vary with an exterior standard;2. The balance of the escrow account, if any;3. Any fees and charges to be assessed by the holder against the seller and buyer in connection with the assumption;4. Usual limitations or requirements placed on the assumption; and5. Other terms and conditions of the assumption deemed pertinent by the holder.B. The holder shall state the time period during which the terms disclosed pursuant to subsection A shall be valid, together with any limitations thereon.C. Any holder receiving such a written request from an owner shall respond in writing within 10 business days of the receipt of the request.D. Any holder receiving a second or subsequent written request with respect to the same mortgage or deed of trust within any 12-month period may charge a fee, not to exceed $15, for each additional request. The fee shall be paid in advance.1982, c. 233, § 6.1-2.9:3; 1990, c. 7; 2010, c. 794.","path":["Title 6.2. FINANCIAL INSTITUTIONS AND SERVICES","Subtitle I. GENERAL PROVISIONS","Chapter 4. CERTAIN LENDING PRACTICES","Article 2. LOANS SECURED BY LIEN ON REAL ESTATE"],"source_url":"https://law.lis.virginia.gov/vacode/6.2-419/","current_through":"9/4/2026","vintage":"","retrieved_at":"2026-09-04T15:12:34Z","sha256":"7e2ea9a65993a1ddc3f63d9f8ff54bb5dfe38e1c879e287afbd68fcc13bce266","source_id":"us-va","stale":true,"prev":"us-va/va.-code-6.2-418","next":"us-va/va.-code-6.2-420"},"notice":"GroundRules: Original legal text. Not legal advice."}