In order to have retained funds paid to an escrow agent, the contractor, the escrow agent, and the surety shall execute an escrow agreement form. Protection of Escrow Funds, etc.Virginia requires agents to specifically identify the accounts and all transactions as funds held in escrow, as well as when and how funds can be distributed. Any Earnest Money accepted ☐ is ☐ is not required to be placed in a separate trust or escrow account in accordance with Virginia law. 5. If the amounts in the. The contractor elects to use the escrow account proce- dure, the escrow agreement form included in the Bid. All amounts deposited in the Escrow Fund shall be held, invested for the account of Lessee and disbursed as provided in the Escrow Agreement. Seller and Purchaser agree that Escrow Agent shall have no liability to any party for disbursing Deposit in accordance with this paragraph, except in the event.
