If you have been appointed to sell real estate that has a lien attached to it, you may be required under the Code of Virginia section 58.1-3969 to file a Virginia Commissioner’s Sale Bond as a condition of your appointment.
A surety bond protects the party requesting the bond, the Obligee, against any financial losses as a result of poor financial decisions, damages, unethical decisions, or a failure to follow state and local laws on the part of you, the Principal. The Virginia Commissioner’s Sale Bond holds you accountable for your business decisions.
By possessing a Virginia Commissioner’s Sale Bond, you are telling your Obligee that you can be trusted as a Principal and that you stand behind your business decisions.