ContractsMEDIUM
Virginia law requires earnest money deposits to be:
Correct Answer
B) Deposited in an escrow account within 5 business days
Virginia requires earnest money deposits to be deposited in an escrow account within 5 business banking days of contract ratification.
Answer Options
A
Held by the sellerB
Deposited in an escrow account within 5 business daysC
Given to the buyer's attorneyD
No requirements existVideo Explanation2 min
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Related Topics & Key Terms
Related Topics:
contract-ratification-processescrow-account-proceduresvirginia-real-estate-regulations
Key Terms:
earnest moneyescrow accountVirginia License Lawbusiness banking daysVREB
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