The Consumer Real Estate Settlement Protection Act (CRESPA or the Act) authorized licensed Virginia attorneys, title insurance companies and agents, real estate brokers and financial institutions (or a subsidiary or affiliate thereof), to serve as settlement agents and provide “escrow, closing or settlement services” if they register with their respective licensing authority and provide the appropriate surety bond. The CRESPA title agent surety bond is required in the amount of $200,000. The title agent bond guarantees compliance with the Code however it also grants authority to any aggrieved party to make a claim against the surety bond. The Code also requires that a CRESPA agent demonstrate financial responsibility which can be accomplished by purchase of a $100,000 blanket fidelity bond. Surety leader, Surety One, Inc., can accommodate BOTH surety and fidelity bond requests for this business class. For more information visit us at SuretyOne.com, call (787) 333-0222 or (800) 373-2804, or email us at Underwriting@SuretyOne.com.
