Virginia Post-Licensing: Escrow Requirements
When handling the funds entrusted to you by others, you are constantly faced with decisions that will either increase or decrease your exposure to risk. With that being said, the proper handling of escrow funds is not only a fiduciary duty of real estate licensees, but it’s also the law, and it’s one of the 12 basic duties expected of all Virginia real estate licensees. Handling escrow funds must be done with the utmost care and integrity.
- Current processes and requirements involved in managing and accounting for escrow funds
- The requirements involved in handling escrow accounts
- How escrow funds work in the course of a real estate transaction
- An overview of Virginia laws and regulations that apply to the handling of escrow funds
- Best practices to avoid commingling funds and to avoid overages or shortages in escrow accounts
- The differences between a deed of trust and a mortgage
- An overview of Virginia’s power of sale foreclosure process
- Real-world examples and case studies in managing and improperly handling escrow funds.