*Please note: Any questions regarding Legal Hotline Spotlights should be submitted via the Virginia REALTORS^® Legal Hotline. Our attorneys are unable to respond to questions through our comments section.

Q: Do my escrow accounts need to be interest-bearing?

A: No! You do not have to have escrow accounts that accrue interest. However, if you choose to do so, you need to have a written agreement in place with your clients specifying who is entitled to the interest once it is earned.

Have a question about this article? Submit it to the Legal Hotline!

The Legal Hotline is a member benefit that has been supporting members for over 25 years. Our team of lawyers answers your important questions about real estate transactions quickly and accurately (usually within three business hours!).

Here are some tips to help make the Legal Hotline work for you!