Do I need a lawyer to sell a Virginia house for cash?

Who chooses the settlement agent?

Virginia Code § 55.1-1006 says the purchaser or borrower selects the settlement agent, and the seller may not require the use of a particular one. The same section says the seller may retain an attorney licensed under Chapter 39 of Title 54.1 to represent the seller’s interest. That attorney’s work can include deed preparation, fee negotiation, and review of documents. Read the section at https://law.lis.virginia.gov/vacode/title55.1/chapter10/section55.1-1006/.

A cash buyer is still a purchaser for that purpose. Momentum Properties does not tell you which settlement company to use, and we do not tell you that you must skip a lawyer. If you want a lawyer to read the deed and the statement, hire one. The settlement agent and your lawyer are different roles.

Who is allowed to act as the settlement agent?

Section 55.1-1003 lists who may act as a settlement agent: an attorney, a title insurance company, a title insurance agent, a real estate broker, a financial institution, or a subsidiary or affiliate of a financial institution. The subsidiary or affiliate in that section is of a financial institution only. The text is at https://law.lis.virginia.gov/vacode/title55.1/chapter10/section55.1-1003/.

That list is why a closing is not a handshake in a kitchen. The person holding the money has to be someone the statute allows. Momentum Properties is the buyer or the listing conversation. We do not take the place of the settlement agent on your file.

Where does the money sit until closing?

Section 55.1-1008 says funds deposited with the settlement agent in connection with an escrow, settlement, or closing are handled in a fiduciary capacity, kept in a separate fiduciary trust account, and applied only in accordance with the terms of the individual instructions or the agreement under which the funds were accepted. A settlement statement or closing disclosure signed by the seller and the purchaser or borrower is sufficient written instruction. The statements have to be in writing and identify the settlement agent by name and business address. The section is at https://law.lis.virginia.gov/vacode/title55.1/chapter10/section55.1-1008/.

The statute tells the settlement agent to follow that written instruction. It does not, by itself, list every payoff on your loan. The statement is where those amounts are written down. Ask the settlement agent for the draft before you sign. Momentum Properties shows a written offer and a settlement statement before you sign.

What should you check before you accept a cash buyer?

The practical checks live on the how-to-check page: a written contract, a Virginia settlement or title company holding the funds, a question about upfront fees, and a deed that is signed at closing rather than handed over early. Read that checklist too. Use both. One is the statute. The other is how to read a buyer.

Momentum Properties works with remote or mobile-notary signings when the settlement agent can accept them. The signer is still the person the title company names. Call (540) 547-SELL with the address if you want the house looked at.

Questions

Does Virginia require a lawyer for every cash sale?

The seller may retain an attorney under § 55.1-1006, and the purchaser or borrower selects the settlement agent. A lawyer is not mandatory for every Virginia seller. Ask your own attorney if you want advice on your file.

Can Momentum Properties pick the settlement agent for me?

No. Section 55.1-1006 says the seller may not require a particular settlement agent, and the purchaser or borrower selects that agent. We do not require you to use one named by us.

Does a signed settlement statement direct the money?

Section 55.1-1008 treats a settlement statement or closing disclosure signed by the seller and the purchaser or borrower as sufficient written instruction for applying the funds. Read the draft before you sign.