A Virginia Escrow Agreement is a legal document that facilitates the safe transfer of money or property between two or more parties. The escrow agreement is usually established by a neutral third party, often referred to as an escrow agent, who will hold the funds or property until all the conditions of the agreement are met. There are two types of Virginia Escrow Agreement: 1) In-State Escrow Agreement and 2) Out-of-State Escrow Agreement. An In-State Escrow Agreement is an agreement between two parties located within the state of Virginia. The agreement outlines the conditions under which a transfer of funds or property will take place. This type of escrow agreement is usually used when the parties are located in the same state and are unable to meet in person. An Out-of-State Escrow Agreement is an agreement between two parties located in different states. This type of agreement is often used when one or both parties are unable to travel to Virginia, or when the parties are located in different states. The agreement outlines the conditions under which the transfer of funds or property will occur. Both types of Virginia Escrow Agreement must meet all the requirements of the Virginia Escrow Act. These requirements include the disclosure of all relevant information, the establishment of a trust, the appointment of an escrow agent, and the execution of a written agreement. The agreement must also include provisions for the payment of fees, the return of the funds or property, and the resolution of disputes.