Escrow & Title
In Virginia, who typically holds the earnest money deposit during the period between contract ratification and closing?
AThe seller
BThe buyer's attorney
CThe escrow agent (usually a title company or broker's escrow account)✓ Correct
DThe Virginia Real Estate Board
Explanation
In Virginia, earnest money is typically held in escrow by a neutral third party such as a title company or the broker's escrow account until closing or other resolution.
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