{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2026\/code-json\/55.1-802.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2026\/code-text\/55.1-802.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2026\/code-xml\/55.1-802.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2026\/code-html\/55.1-802.html"}],"law_id":370032,"edition_id":2,"section_id":370032,"structure_id":52700,"section_number":"55.1-802","catch_line":"Separately identified accounts, or qualified escrows or qualified trusts","history":"2010, c. 409, \u00a7 55-525.3; 2019, c. 712.","full_text":"A\n\nAn exchange facilitator at all times shall:\n\n1\n\nDeposit the exchange funds in a deposit account that is a separately identified account, as defined in Treasury Regulation § 1.468B-6(c)(ii), and provide that any withdrawals from such separately identified account require the written authorization of the exchange client and written acknowledgment of the exchange facilitator. Authorization for withdrawals may be delivered by any commercially reasonable means, including (i) the exchange client’s delivery to the exchange facilitator of the exchange client’s authorization to disburse exchange funds and the exchange facilitator’s delivery to the financial institution of the exchange facilitator’s authorization to disburse exchange funds or (ii) delivery to the financial institution of both the exchange client’s and the exchange facilitator’s authorizations to disburse exchange funds; or\n\n2\n\nDeposit the exchange funds in a deposit account that is a qualified escrow or qualified trust as those terms are defined under Treasury Regulation § 1.1031(k)-1(g)(3).\n\nB\n\nThe deposit account shall be with a financial institution, and the interest earned on such account shall accrue to the parties as provided in a written agreement between the exchange facilitator and the exchange client. However, the exchange client may expressly direct the exchange facilitator in writing to invest the exchange proceeds in an investment of the exchange client’s choice, provided that the exchange facilitator provides written acknowledgment back to the exchange client that includes a confirmation of how the exchange proceeds will be invested.\n\n","order_by":null,"text":{"0":{"id":1380450,"text":"An exchange facilitator at all times shall:","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"A1"},"1":{"id":1380451,"text":"Deposit the exchange funds in a deposit account that is a separately identified account, as defined in Treasury Regulation § 1.468B-6(c)(ii), and provide that any withdrawals from such separately identified account require the written authorization of the exchange client and written acknowledgment of the exchange facilitator. Authorization for withdrawals may be delivered by any commercially reasonable means, including (i) the exchange client’s delivery to the exchange facilitator of the exchange client’s authorization to disburse exchange funds and the exchange facilitator’s delivery to the financial institution of the exchange facilitator’s authorization to disburse exchange funds or (ii) delivery to the financial institution of both the exchange client’s and the exchange facilitator’s authorizations to disburse exchange funds; or","type":"section","prefixes":["A","1"],"prefix":"1","entire_prefix":"A1","prefix_anchor":"A1","level":2,"prior_prefix":"A","next_prefix":"A2"},"2":{"id":1380452,"text":"Deposit the exchange funds in a deposit account that is a qualified escrow or qualified trust as those terms are defined under Treasury Regulation § 1.1031(k)-1(g)(3).","type":"section","prefixes":["A","2"],"prefix":"2","entire_prefix":"A2","prefix_anchor":"A2","level":2,"prior_prefix":"A1","next_prefix":"B"},"3":{"id":1380453,"text":"The deposit account shall be with a financial institution, and the interest earned on such account shall accrue to the parties as provided in a written agreement between the exchange facilitator and the exchange client. However, the exchange client may expressly direct the exchange facilitator in writing to invest the exchange proceeds in an investment of the exchange client’s choice, provided that the exchange facilitator provides written acknowledgment back to the exchange client that includes a confirmation of how the exchange proceeds will be invested.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A2"}},"ancestry":[{"id":52700,"edition_id":2,"name":"Exchange Facilitators Act","identifier":"8","label":"chapter","depth":3,"order_by":3,"parent_id":52604,"metadata":{"child_laws":7,"child_structures":0},"date_created":"2026-08-02 03:03:23","date_modified":"2026-08-02 12:35:24","permalink":{"id":1472821,"object_type":"structure","relational_id":52700,"identifier":"8","token":"55.1\/II\/8","url":"\/55.1\/II\/8\/","edition_id":2,"permalink":0,"preferred":1}},{"id":52604,"edition_id":2,"name":"Real Estate Settlements and Recordation","identifier":"II","label":"subtitle","depth":2,"order_by":2,"parent_id":52600,"metadata":{"child_laws":121,"child_structures":14},"date_created":"2026-08-02 03:01:36","date_modified":"2026-08-02 12:35:22","permalink":{"id":1472371,"object_type":"structure","relational_id":52604,"identifier":"II","token":"55.1\/II","url":"\/55.1\/II\/","edition_id":2,"permalink":0,"preferred":1}},{"id":52600,"edition_id":2,"name":"Property and Conveyances","identifier":"55.1","label":"title","depth":1,"order_by":120,"parent_id":null,"metadata":{"child_laws":875,"child_structures":101},"date_created":"2026-08-02 03:01:36","date_modified":"2026-08-02 12:35:20","permalink":{"id":1471771,"object_type":"structure","relational_id":52600,"identifier":"55.1","token":"55.1","url":"\/55.1\/","edition_id":2,"permalink":0,"preferred":1}}],"structure_contents":[{"id":370030,"structure_id":52700,"section_number":"55.1-800","catch_line":"Definitions","url":"\/55.1-800\/","token":"55.1\/II\/8\/55.1-800","metadata":false},{"id":370031,"structure_id":52700,"section_number":"55.1-801","catch_line":"Change in control","url":"\/55.1-801\/","token":"55.1\/II\/8\/55.1-801","metadata":false},{"id":370032,"structure_id":52700,"section_number":"55.1-802","catch_line":"Separately identified accounts, or qualified escrows or qualified trusts","url":"\/55.1-802\/","token":"55.1\/II\/8\/55.1-802","metadata":false},{"id":370033,"structure_id":52700,"section_number":"55.1-803","catch_line":"Errors and omissions insurance; cash or letters of credit","url":"\/55.1-803\/","token":"55.1\/II\/8\/55.1-803","metadata":false},{"id":370034,"structure_id":52700,"section_number":"55.1-804","catch_line":"Accounting for moneys and property","url":"\/55.1-804\/","token":"55.1\/II\/8\/55.1-804","metadata":false},{"id":370035,"structure_id":52700,"section_number":"55.1-805","catch_line":"Prohibited acts","url":"\/55.1-805\/","token":"55.1\/II\/8\/55.1-805","metadata":false},{"id":370036,"structure_id":52700,"section_number":"55.1-806","catch_line":"Penalty; attorney fees","url":"\/55.1-806\/","token":"55.1\/II\/8\/55.1-806","metadata":false}],"previous_section":{"id":370031,"structure_id":52700,"section_number":"55.1-801","catch_line":"Change in control","url":"\/55.1-801\/","token":"55.1\/II\/8\/55.1-801","metadata":false},"next_section":{"id":370033,"structure_id":52700,"section_number":"55.1-803","catch_line":"Errors and omissions insurance; cash or letters of credit","url":"\/55.1-803\/","token":"55.1\/II\/8\/55.1-803","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/55.1-802\/","history_text":"

This law was first created in 2010. The record of its establishment is cataloged in chapter 409<\/a> 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. It has been modified 1 time. 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. That modification is as follows: in 2019, chapter 712<\/a>.<\/p>","references":[{"id":370034,"section_number":"55.1-804","catch_line":"Accounting for moneys and property","order_by":null,"url":"\/55.1-804\/"}],"refers_to":false,"permalink":{"id":1472831,"object_type":"law","relational_id":370032,"identifier":"55.1-802","token":"55.1\/II\/8\/55.1-802","url":"\/55.1-802\/","edition_id":2,"permalink":0,"preferred":1},"url":"\/55.1-802\/","token":"55.1\/II\/8\/55.1-802","dublin_core":{"Title":"Separately identified accounts, or qualified escrows or qualified trusts","Type":"Text","Format":"text\/html","Identifier":"\u00a7 55.1-802","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> An exchange facilitator<\/span> at all times shall: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> Deposit the exchange funds<\/span> in a deposit account<\/span> that is a separately identified account, as defined in Treasury Regulation § 1.468B-6(c)(ii), and provide that any withdrawals from such separately identified account require the written authorization of the exchange client<\/span> and written acknowledgment of the exchange facilitator<\/span>. Authorization for withdrawals may be delivered by any commercially reasonable means, including (i) the exchange client<\/span>’s delivery to the exchange facilitator<\/span> of the exchange client<\/span>’s authorization to disburse exchange funds<\/span> and the exchange facilitator<\/span>’s delivery to the financial institution<\/span> of the exchange facilitator<\/span>’s authorization to disburse exchange funds<\/span> or (ii) delivery to the financial institution<\/span> of both the exchange client<\/span>’s and the exchange facilitator<\/span>’s authorizations to disburse exchange funds<\/span>; or <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> Deposit the exchange funds<\/span> in a deposit account<\/span> that is a qualified escrow or qualified trust as those terms are defined under Treasury Regulation § 1.1031(k)-1(g)(3). <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> The deposit account<\/span> shall be with a financial institution<\/span>, and the interest earned on such account shall accrue to the parties as provided in a written agreement between the exchange facilitator<\/span> and the exchange client<\/span>. However, the exchange client<\/span> may expressly direct the exchange facilitator<\/span> in writing to invest the exchange proceeds in an investment of the exchange client<\/span>’s choice, provided that the exchange facilitator<\/span> provides written acknowledgment back to the exchange client<\/span> that includes a confirmation of how the exchange proceeds will be invested. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nSEPARATELY IDENTIFIED ACCOUNTS, OR QUALIFIED ESCROWS OR QUALIFIED TRUSTS (\u00a7\n55.1-802)\n\nA. An exchange facilitator at all times shall:\n\n 1. Deposit the exchange funds in a deposit account that is a separately\n identified account, as defined in Treasury Regulation § 1.468B-6(c)(ii),\n and provide that any withdrawals from such separately identified account\n require the written authorization of the exchange client and written\n acknowledgment of the exchange facilitator. Authorization for withdrawals may\n be delivered by any commercially reasonable means, including (i) the exchange\n client’s delivery to the exchange facilitator of the exchange\n client’s authorization to disburse exchange funds and the exchange\n facilitator’s delivery to the financial institution of the exchange\n facilitator’s authorization to disburse exchange funds or (ii) delivery\n to the financial institution of both the exchange client’s and the\n exchange facilitator’s authorizations to disburse exchange funds; or\n\n 2. Deposit the exchange funds in a deposit account that is a qualified escrow\n or qualified trust as those terms are defined under Treasury Regulation §\n 1.1031(k)-1(g)(3).\n\nB. The deposit account shall be with a financial institution, and the interest\nearned on such account shall accrue to the parties as provided in a written\nagreement between the exchange facilitator and the exchange client. However, the\nexchange client may expressly direct the exchange facilitator in writing to\ninvest the exchange proceeds in an investment of the exchange client’s\nchoice, provided that the exchange facilitator provides written acknowledgment\nback to the exchange client that includes a confirmation of how the exchange\nproceeds will be invested.\n\nHISTORY: 2010, c. 409, \u00a7 55-525.3; 2019, c. 712.","edition":{"id":2,"name":"2026","slug":"2026","date_created":"2026-07-16 18:40:23","date_modified":"2026-08-02 15:14:36","current":1,"order_by":2,"last_import":"2026-08-02 12:37:30"}}