2006 Code of Virginia § 6.1-330.82 - Property owner entitled to written statement of payoff amount

6.1-330.82. Property owner entitled to written statement of payoff amount.

A. Where a lien on real estate is secured by a deed of trust or mortgage, theowner of such real estate, if entitled to prepay the obligation secured bysuch deed of trust or mortgage, shall be entitled to receive from the bank,savings institution or other corporate entity holding such obligation, awritten statement setting forth the total amount to be paid as of aparticular date in order to obtain a release of the deed of trust ormortgage. The holder of the obligation secured by said deed of trust ormortgage shall mail or deliver such written statement of the payoff amount tothe property owner or his designee within ten business days of the receipt ofa written request for such payoff information from the property owner or hisdesignee if the request contains the loan number and the address or otherdescription of the location of the subject premises. Upon payment in full ofthe obligation, the holder shall promptly cause the cancelled loan documentsto be forwarded to the owner or his designee. An inadvertent error made inthe calculation of the payoff amount shall not release the party liable forpayment of the obligation from the requirement to pay the full amount dueunder the contract of indebtedness, nor shall it release the holder of thecontract of indebtedness from the requirement to return any overpayment tosuch party or his designee.

B. A request for payoff information under this section may be made one timewithin a twelve-month period without charge, and a fee not exceeding fifteendollars may be charged for each additional request made within such period.

(1987, c. 622.)