1.16 Escrow Agreements
| Library | Real Estate Transactions in Virginia (Virginia CLE) (2019 Ed.) |
1.16 ESCROW AGREEMENTS 193
A lawyer's receipt of funds or property in escrow also imposes fiduciary duties to nonclients. For example, a lawyer for the purchaser, lender, or borrower who accepts custody of a seller's deed impliedly undertakes certain fiduciary responsibilities to the seller. 194 Similarly, a lawyer who agrees to escrow funds pending resolution of a dispute or satisfaction of a contingency impliedly undertakes fiduciary duties to all parties to the agreement to preserve the escrowed...
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