                                 CODE OF VIRGINIA

PREPAID RENT; MAINTENANCE OF ESCROW ACCOUNT (§ 55.1-1205)

A landlord and a tenant may agree in a rental agreement that the tenant pay
prepaid rent. If a landlord receives prepaid rent, it shall be placed in an
escrow account in a federally insured depository authorized to do business in
Virginia by the end of the fifth business day following receipt and shall remain
in the account until such time as the prepaid rent becomes due. Unless the
landlord has otherwise become entitled to receive any portion of the prepaid
rent, it shall not be removed from the escrow account required by this section
without the written consent of the tenant.

HISTORY: 2002, c. 531, § 55-248.7:1; 2015, c. 596; 2017, c. 730; 2019, c. 712.