Contracts
In Virginia, the party who holds the earnest money during a real estate transaction is called the:
APrincipal
BSettlement agent
CEscrow agent (typically the listing broker or settlement agent)✓ Correct
DVREB trustee
Explanation
In Virginia, earnest money is typically held by the listing broker in their escrow account, or sometimes by the settlement attorney/title company, as the escrow agent.
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