Security Deposits In Escrow
We just purchased a house that has a tenant and was managed by a property management company. The management company is asking me to sign a form stating that the security deposit they are going to release to me now since the house is mine needs to be in a escrow account.
My question is Does this need to be put into a escrow account or can I just deposit it into my company bank account?
and Why would I need to sign anything other than they gave me the money?
Thank you
Many states laws do now require that LL's security deposits from their T's go into a special escrow account, so you'd better do some research in FL re its laws on this.
Could be some big penalty for NOT doing it in precsely the way the statute says.
For any LLs, anywhere, if you'll look into and maybe join your local LL group, they'll probably have lots of info on your local laws on LL/T law, relations, forms, etc.
If you have to go to court, simply having that sec deposit in a seperate account makes you look better than most landlords. I would not call it as escrow account but have it in a seperate account.
Reccomend two books for you, Robert Shemins landlord book and one by Mark Warda on landlord right in Florida.
GL