2006 Code of Virginia § 55-79.95 - Escrow of deposits

55-79.95. Escrow of deposits.

Any deposit made in regard to any disposition of a unit, including anonbinding reservation agreement, shall be held in escrow until delivered atsettlement. Such escrow funds shall be deposited in a separate accountdesignated for this purpose which is federally insured and located inVirginia; except where such deposits are being held by a real estate brokeror attorney licensed under the laws of this Commonwealth such funds may beplaced in that broker's or attorney's regular escrow account and need not beplaced in a separate designated account. Such escrow funds shall not besubject to attachment by the creditors of either the purchaser or thedeclarant.

(1974, c. 416; 1977, c. 91.)