Virginia Code 55.1-2020: Deposits to be held in escrow
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Any deposit made with a reservation to purchase or a contract to purchase shall be held in escrow in a separate fund for such deposits designated as such until the deed for which a deposit was made is delivered to the depositor.
Terms Used In Virginia Code 55.1-2020
- Contract: A legal written agreement that becomes binding when signed.
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
1973, c. 375, § 55-79.21:1; 2019, c. 712.