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.
Va. Code Ann. § 55.1-2020
Deposits to be held in escrow
1973, c. 375, § 55-79.21:1; 2019, c. 712.
Official source: Virginia Law Portal (LIS). Reproduced from public-domain Virginia statutes; confirm against the official source for the current text. Not legal advice.