{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/55.1-2162.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/55.1-2162.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/55.1-2162.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/55.1-2162.html"}],"law_id":66987,"edition_id":1,"section_id":66987,"structure_id":14195,"section_number":"55.1-2162","catch_line":"Escrow of deposits","history":"1982, c. 277, \u00a7 55-485; 2019, c. 712; 2023, cc. 387, 388.","full_text":"A\n\nAny deposit made in connection with the purchase or reservation of a cooperative interest from a person required to deliver a public offering statement pursuant to subsection C of § 55.1-2154 shall be placed in escrow and held either in the Commonwealth or in the state in which the unit that is a part of that cooperative interest is located in an account designated solely for that purpose by a title insurance company, attorney, or real estate broker licensed under the laws of the Commonwealth, an independent bonded escrow company, or an institution whose accounts are insured by a governmental agency or instrumentality until (i) delivered to the declarant at closing, (ii) delivered to the declarant because of the purchaser’s default under a contract to purchase the cooperative interest, or (iii) refunded to the purchaser.B\n\nAny deposit made in connection with the purchase of a cooperative interest from a person not required to deliver a public offering statement shall be placed in escrow in the same manner as prescribed in subsection A. Upon receipt of the resale certificate called for in § 55.1-2309, should the purchaser elect to void the contract, the seller may deduct the actual charges by the association for preparation of the certificate. Otherwise, the deposit shall be promptly returned to the purchaser.","order_by":null,"text":{"0":{"id":242828,"text":"Any deposit made in connection with the purchase or reservation of a cooperative interest from a person required to deliver a public offering statement pursuant to subsection C of § 55.1-2154 shall be placed in escrow and held either in the Commonwealth or in the state in which the unit that is a part of that cooperative interest is located in an account designated solely for that purpose by a title insurance company, attorney, or real estate broker licensed under the laws of the Commonwealth, an independent bonded escrow company, or an institution whose accounts are insured by a governmental agency or instrumentality until (i) delivered to the declarant at closing, (ii) delivered to the declarant because of the purchaser’s default under a contract to purchase the cooperative interest, or (iii) refunded to the purchaser.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":242829,"text":"Any deposit made in connection with the purchase of a cooperative interest from a person not required to deliver a public offering statement shall be placed in escrow in the same manner as prescribed in subsection A. Upon receipt of the resale certificate called for in § 55.1-2309, should the purchaser elect to void the contract, the seller may deduct the actual charges by the association for preparation of the certificate. Otherwise, the deposit shall be promptly returned to the purchaser.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A"}},"ancestry":[{"id":14195,"edition_id":1,"name":"Protection of Cooperative Purchasers","identifier":"4","label":"article","depth":4,"order_by":1,"parent_id":13509,"metadata":{},"date_created":"2026-06-26 03:47:14","date_modified":"2026-06-26 03:47:14","permalink":{"id":247337,"object_type":"structure","relational_id":14195,"identifier":"4","token":"55.1\/IV\/21\/4","url":"\/55.1\/IV\/21\/4\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13509,"edition_id":1,"name":"Virginia Real Estate Cooperative Act","identifier":"21","label":"chapter","depth":3,"order_by":1,"parent_id":12914,"metadata":{},"date_created":"2026-06-26 03:45:06","date_modified":"2026-06-26 03:45:06","permalink":{"id":247109,"object_type":"structure","relational_id":13509,"identifier":"21","token":"55.1\/IV\/21","url":"\/55.1\/IV\/21\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12914,"edition_id":1,"name":"Common Interest Communities","identifier":"IV","label":"subtitle","depth":2,"order_by":1,"parent_id":12707,"metadata":{},"date_created":"2026-06-26 03:44:01","date_modified":"2026-06-26 03:44:01","permalink":{"id":246473,"object_type":"structure","relational_id":12914,"identifier":"IV","token":"55.1\/IV","url":"\/55.1\/IV\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12707,"edition_id":1,"name":"Property and Conveyances","identifier":"55.1","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:43:49","date_modified":"2026-06-26 03:43:49","permalink":{"id":244769,"object_type":"structure","relational_id":12707,"identifier":"55.1","token":"55.1","url":"\/55.1\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":69207,"structure_id":14195,"section_number":"55.1-2153","catch_line":"Applicability; waiver","url":"\/55.1-2153\/","token":"55.1\/IV\/21\/4\/55.1-2153","metadata":false},{"id":80903,"structure_id":14195,"section_number":"55.1-2154","catch_line":"Liability for public offering statement; requirements","url":"\/55.1-2154\/","token":"55.1\/IV\/21\/4\/55.1-2154","metadata":false},{"id":57013,"structure_id":14195,"section_number":"55.1-2155","catch_line":"Public offering statement; general provisions","url":"\/55.1-2155\/","token":"55.1\/IV\/21\/4\/55.1-2155","metadata":false},{"id":68806,"structure_id":14195,"section_number":"55.1-2156","catch_line":"Public offering statement; cooperatives subject to development rights","url":"\/55.1-2156\/","token":"55.1\/IV\/21\/4\/55.1-2156","metadata":false},{"id":71522,"structure_id":14195,"section_number":"55.1-2157","catch_line":"Public offering statement; time-shares","url":"\/55.1-2157\/","token":"55.1\/IV\/21\/4\/55.1-2157","metadata":false},{"id":74617,"structure_id":14195,"section_number":"55.1-2158","catch_line":"Public offering statement; cooperatives containing conversion building","url":"\/55.1-2158\/","token":"55.1\/IV\/21\/4\/55.1-2158","metadata":false},{"id":84882,"structure_id":14195,"section_number":"55.1-2159","catch_line":"Public offering statement; cooperative securities","url":"\/55.1-2159\/","token":"55.1\/IV\/21\/4\/55.1-2159","metadata":false},{"id":66392,"structure_id":14195,"section_number":"55.1-2160","catch_line":"Purchaser's right to cancel","url":"\/55.1-2160\/","token":"55.1\/IV\/21\/4\/55.1-2160","metadata":false},{"id":56734,"structure_id":14195,"section_number":"55.1-2161","catch_line":"Repealed","url":"\/55.1-2161\/","token":"55.1\/IV\/21\/4\/55.1-2161","metadata":false},{"id":66987,"structure_id":14195,"section_number":"55.1-2162","catch_line":"Escrow of deposits","url":"\/55.1-2162\/","token":"55.1\/IV\/21\/4\/55.1-2162","metadata":false},{"id":69847,"structure_id":14195,"section_number":"55.1-2163","catch_line":"Release of liens","url":"\/55.1-2163\/","token":"55.1\/IV\/21\/4\/55.1-2163","metadata":false},{"id":71295,"structure_id":14195,"section_number":"55.1-2164","catch_line":"Conversion buildings","url":"\/55.1-2164\/","token":"55.1\/IV\/21\/4\/55.1-2164","metadata":false},{"id":84401,"structure_id":14195,"section_number":"55.1-2165","catch_line":"Express warranties of quality","url":"\/55.1-2165\/","token":"55.1\/IV\/21\/4\/55.1-2165","metadata":false},{"id":85949,"structure_id":14195,"section_number":"55.1-2166","catch_line":"Implied warranties of quality","url":"\/55.1-2166\/","token":"55.1\/IV\/21\/4\/55.1-2166","metadata":false},{"id":68678,"structure_id":14195,"section_number":"55.1-2167","catch_line":"Exclusion or modification of implied warranties of quality","url":"\/55.1-2167\/","token":"55.1\/IV\/21\/4\/55.1-2167","metadata":false},{"id":62130,"structure_id":14195,"section_number":"55.1-2168","catch_line":"Statute of limitations for warranties","url":"\/55.1-2168\/","token":"55.1\/IV\/21\/4\/55.1-2168","metadata":false},{"id":82381,"structure_id":14195,"section_number":"55.1-2169","catch_line":"Effect of violation on rights of action; attorney fees; arbitration of disputes","url":"\/55.1-2169\/","token":"55.1\/IV\/21\/4\/55.1-2169","metadata":false},{"id":81822,"structure_id":14195,"section_number":"55.1-2170","catch_line":"Labeling of promotional material","url":"\/55.1-2170\/","token":"55.1\/IV\/21\/4\/55.1-2170","metadata":false},{"id":55380,"structure_id":14195,"section_number":"55.1-2171","catch_line":"Declarant's obligation to complete and restore","url":"\/55.1-2171\/","token":"55.1\/IV\/21\/4\/55.1-2171","metadata":false},{"id":64364,"structure_id":14195,"section_number":"55.1-2172","catch_line":"Substantial completion of units","url":"\/55.1-2172\/","token":"55.1\/IV\/21\/4\/55.1-2172","metadata":false}],"previous_section":{"id":56734,"structure_id":14195,"section_number":"55.1-2161","catch_line":"Repealed","url":"\/55.1-2161\/","token":"55.1\/IV\/21\/4\/55.1-2161","metadata":false},"next_section":{"id":69847,"structure_id":14195,"section_number":"55.1-2163","catch_line":"Release of liens","url":"\/55.1-2163\/","token":"55.1\/IV\/21\/4\/55.1-2163","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/55.1-2162\/","history_text":"

This law was first created in 1982. The record of its establishment is cataloged in chapter 277 of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year. Unfortunately, the 1982 \u201cActs\u201d aren\u2019t available online. It has been modified 2 times. Those modifications are cataloged by \u201cThe Acts of Assembly,\u201d a state publication, by year and chapter. Those modifications that can be read on the General Assembly\u2019s website will be linked accordingly. Those modifications are as follows: in 2019, chapter 712<\/a>; in 2023, chapters 387<\/a> and 388<\/a>.<\/p>","references":[{"id":70660,"section_number":"55.1-2184","catch_line":"Penalties","order_by":null,"url":"\/55.1-2184\/"}],"refers_to":[{"id":80903,"section_number":"55.1-2154","catch_line":"Liability for public offering statement; requirements","order_by":null,"url":"\/55.1-2154\/"},{"id":70933,"section_number":"55.1-2309","catch_line":"Resale certificate; delivery","order_by":null,"url":"\/55.1-2309\/"}],"permalink":{"id":247375,"object_type":"law","relational_id":66987,"identifier":"55.1-2162","token":"55.1\/IV\/21\/4\/55.1-2162","url":"\/55.1-2162\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/55.1-2162\/","token":"55.1\/IV\/21\/4\/55.1-2162","dublin_core":{"Title":"Escrow of deposits","Type":"Text","Format":"text\/html","Identifier":"\u00a7 55.1-2162","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> Any deposit made in connection with the purchase or reservation of a cooperative interest<\/span> from a person<\/span> required to deliver a public offering<\/span> statement pursuant to subsection C of § 55.1-2154<\/a> shall be placed in escrow and held either in the Commonwealth or in the state in which the unit<\/span> that is a part of that cooperative interest<\/span> is located in an account designated solely for that purpose by a title insurance company, attorney, or real estate<\/span> broker licensed under the laws<\/span> of the Commonwealth, an independent bonded escrow company, or an institution whose accounts are insured by a governmental agency or instrumentality until (i) delivered to the declarant<\/span> at closing, (ii) delivered to the declarant<\/span> because of the purchaser<\/span>’s default<\/span> under a contract<\/span> to purchase the cooperative interest<\/span>, or (iii) refunded to the purchaser<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> Any deposit made in connection with the purchase of a cooperative interest<\/span> from a person<\/span> not required to deliver a public offering<\/span> statement shall be placed in escrow in the same manner as prescribed in subsection A. Upon receipt of the resale certificate called for in § 55.1-2309<\/a>, should the purchaser<\/span> elect to void the contract<\/span>, the seller may deduct the actual charges by the association<\/span> for preparation of the certificate. Otherwise, the deposit shall be promptly returned to the purchaser<\/span>. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nESCROW OF DEPOSITS (\u00a7 55.1-2162)\n\nA. Any deposit made in connection with the purchase or reservation of a\ncooperative interest from a person required to deliver a public offering\nstatement pursuant to subsection C of § 55.1-2154 shall be placed in escrow\nand held either in the Commonwealth or in the state in which the unit that is a\npart of that cooperative interest is located in an account designated solely for\nthat purpose by a title insurance company, attorney, or real estate broker\nlicensed under the laws of the Commonwealth, an independent bonded escrow\ncompany, or an institution whose accounts are insured by a governmental agency\nor instrumentality until (i) delivered to the declarant at closing, (ii)\ndelivered to the declarant because of the purchaser’s default under a\ncontract to purchase the cooperative interest, or (iii) refunded to the\npurchaser.\n\nB. Any deposit made in connection with the purchase of a cooperative interest\nfrom a person not required to deliver a public offering statement shall be\nplaced in escrow in the same manner as prescribed in subsection A. Upon receipt\nof the resale certificate called for in § 55.1-2309, should the purchaser\nelect to void the contract, the seller may deduct the actual charges by the\nassociation for preparation of the certificate. Otherwise, the deposit shall be\npromptly returned to the purchaser.\n\nHISTORY: 1982, c. 277, \u00a7 55-485; 2019, c. 712; 2023, cc. 387, 388.","edition":{"id":1,"name":"2025","slug":"2025","date_created":"2026-06-21 22:39:22","date_modified":"2026-06-21 22:39:22","current":1,"order_by":1,"last_import":null}}