Virginia Law

A. When the escheator sells for cash, he shall certify the purchase and the price to the State Treasurer, who, after determining that such price, deducting the expenses, has been paid into the state treasury and that the expenses of the inquest and sale have been paid to the escheator, shall have a grant issued and executed for the lands so sold. At the time of sale, the escheator shall require the purchaser to sign an authorization for recordation prior to distribution. A clerk's fee per parcel purchased in accordance with subdivision A 2 of § 17.1-275 shall be collected by the escheator in addition to the purchase price. The fee shall be forwarded to the State Treasurer, together with the names and addresses of the purchasers of the escheated property and the sale proceeds as required in § 55.1-2426, who shall send the fee with the grants to the local clerk's office for recording. The fee in effect at the time of sale shall be in lieu of all fees and costs. Grants of escheated property shall be exempt from all recording taxes. After recording the grants, the local clerk shall forward the grants to the escheator, who shall be responsible for notifying the purchasers of the recordation and the distribution of the grants to the purchaser.

B. Expenses reimbursable by the State Treasurer under subsection A shall include an auctioneer's fee, which shall not exceed five percent of the sale proceeds. The State Treasurer, by regulation, shall detail other appropriate reimbursable expenses.

Code 1919, § 507; Code 1950, § 55-186; 1952, c. 132; 1977, c. 583; 1981, c. 514; 1982, c. 486; 1984, c. 315; 1988, c. 377; 1990, c. 938; 2019, c. 712.