Virginia Law on Determining Auctioneers’ Commission in the Sale of Escheated Property

Virginia Statutes
Title 1. ADMINISTRATION
Agency 75. DEPARTMENT OF THE TREASURY
Chapter 30. REGULATIONS GOVERNING ESCHEATS

§ 1VAC75-30-100. Commission basis for the escheator and the auctioneer

The commissions paid to the escheator (10%) and the auctioneer (5.0%) are determined based on the proceeds collected from the sales of escheated property. If a partial payment is collected and the purchaser fails to complete the sales transaction, the purchaser forfeits the partial payment to the State Treasurer and the commissions paid shall be based on the partial payment only. The commissions base does not include recording fees. Reimbursable expenses of the escheator and auctioneer are in addition to the commissions paid.
Note:
Statutory Authority

§ 55-200.1 of the Code of Virginia.