A Real Estate Settlement Agent (RESA) is an individual or business that provides escrow, closing, or settlement services for real estate transactions. Registered agents and agencies are both considered Real Estate Settlement Agents.

If your RESA registration is withdrawn or terminated for any reason you are required to submit a close out audit. The audit must be completed in addition to any audits conducted by your underwriter.

Annual Escrow Audit

An escrow account audit (analysis) must be performed every 12 months beginning a year after your initial RESA registration. Each annual audit must be performed during the month in which you registered. The analysis may be performed by either an independent CPA or an appointed company. If completed by a CPA, you must email the analysis within 60 days of completion to RESA@scc.virginia.gov; if performed by a title insurance company, it is the company’s responsibility to submit it within 60 days to the Analysis Submission Portal.

Biennial Renewal

Real Estate Settlement Agents are required to renew their registration every 24 months after their initial registration. Renewal applications can only be submitted within 90 days of your renewal due date. Submit your renewal application via Sircon.

Step 1

Apply for a Virginia Title Insurance Agent or Agency license. 

Step 2

Obtain an appointment with an insurer in Virginia.

Step 3

Secure each of the following insurance coverages. On the RESA application you must attest that you have and will keep the following for as long as you are a Real Estate Settlement Agent:

  • An Errors and Omissions insurance policy (E&O) or Malpractice policy with a limit of at least $250,000
     
  • A Blanket Fidelity Bond or Employee Dishonesty insurance policy in the amount of at least $100,000 per occurrence or claim. Settlement agents with no employees except the owners, partners, shareholders, or members may request a waiver of this requirement on their RESA application or submit the Waiver Form later.

Step 4

Purchase a Surety Bond in the amount of $200,000 from an authorized surety company. The surety company must use the official Surety Bond Form.

Step 5

Register as a Real Estate Settlement Agent via Sircon. On Sircon, the application is referred to as a Title Settlement Agency/Agent application. The nonrefundable application fee is $100 for an agency and $35 for an agent.

Note: Agencies must register their business with the Clerk’s Office of the Virginia SCC before submitting their RESA application.

Step 6

Mail the original Surety Bond to the following address:

Standard delivery:
Bureau of Insurance
Attn: RESA Section
P.O. Box 1157
Richmond, VA 23218

Overnight delivery:
Bureau of Insurance
Attn: RESA Section
Tyler Building
1300 East Main Street
Richmond, VA 23219

Step 1

Email RESA@scc.virginia.gov 60 days before ceasing operations. Include your name and insurance license number in the email. The 60-day notification does not end your RESA registration.

Step 2

Request to withdraw your RESA registration.

  • You have two options to withdraw your registration:
    • To only withdraw your RESA registration, send a withdraw request by email, RESA@scc.virginia.gov or fax, 804-371-5661.
      • Agents: Include the agent’s full name, the agent’s signature, and the agent’s Virginia insurance license number.
      • Agencies: Include a signature from an officer of the agency, the agency’s full name, and the agency’s Employer Identification Number (EIN) or Virginia insurance agency license number.
      OR
    • Withdraw your title insurance license. Note: Withdrawal of your title insurance license results in the automatic withdrawal of your RESA registration. Send the Agent License Cancellation Form or Agency License Cancellation Form to AgentLicensing@scc.virginia.gov.

Renew RESA/Title Settlement Agent Registration

RESA/Title Settlement Agent registration will need renewing online by June 30, 2020. There is a renewal fee of $35.00 for title settlement agents and $50.00 for title settlement agencies. This renewal registration is active for one year only. The next renewal period will be May 1, 2021 and every two years thereafter due to new legislation.

Non-resident agents need to review renewal instructions.

Failure to renew will result in termination of your RESA/Title Settlement Agent Registration. Confirmation notices are not available for printing via Sircon. The Bureau will mail a renewal confirmation notice within 14 days to the address on record.

Submit RESA renewal questions to RESA@scc.virginia.gov