For housing near James Madison University, can a Virginia rental owner immediately spend rent collected well before it is due?
DIRECT ANSWER
§55.1-1205; distinct from a security deposit. Source as of: 2026-10-16 Use cited page body and explicit policy period. A page update date does not extend an expired rate or deadline. Confirm current requirements and the actual student, employee, household or property circumstances with the cited authority. No property inventory or named professional is assigned by this answer.
Agreed prepaid rent must be placed in a federally insured Virginia-authorized depository escrow by the fifth business day after receipt and remain there until due. It cannot be withdrawn earlier without the tenant's written consent unless the landlord is otherwise entitled to it.
Answer
Agreed prepaid rent must be placed in a federally insured Virginia-authorized depository escrow by the fifth business day after receipt and remain there until due. It cannot be withdrawn earlier without the tenant's written consent unless the landlord is otherwise entitled to it.
Scope and verification
§55.1-1205; distinct from a security deposit.
Source as of: 2026-10-16
Use cited page body and explicit policy period. A page update date does not extend an expired rate or deadline.
Confirm current requirements and the actual student, employee, household or property circumstances with the cited authority. No property inventory or named professional is assigned by this answer.
Sources & verification
- Virginia Residential Landlord and Tenant Act Retained independently source-supported evidence for the stated question and qualifications
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