“Do my escrow accounts need to be interest-bearing?”
May 30, 2024
*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.
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