|
Support Center
Home
FAQ
Forums
Tickets
Return to ezLandlordForms
Enter your search term here...
Search
New support ticket
Check ticket status
1-877-367-6771
Start a new topic
Discussions
ezLandlord Questions and Answers
General Property Management
New Landlord - How do I set up an escrow account?
K
Kristan H
started a topic
over 13 years ago
I need to set up an escrow account for the security deposit my new tenants gave me. Is this as simple as just calling my local bank? Any tips? I have never had to do this before. Thanks!
1 Comment
E
Eric D
said
over 13 years ago
There are typically two ways of doing it - and check your state laws to determine if both or either are appropriate.
1) Get a W-9 form from the IRS - or go to
http://www.irs.gov/pub/irs-pdf/fw9.pdf?portlet=3
(if link doesn't work, go to IRS.gov and look on left hand side for W-9 form) and have the tenant fill it out. Then go into the bank and ask them to open a tenant/landlord escrow account.
2) Some states (such as NH) allow you to open an escrow for the entire building, in this case you don't need to get the W-9 filled out by the tenant and you can place the security deposit in that location. If your state mandates it, make sure you give them the information as to where the money is being held.
Login
to post a comment
More topics in
General Property Management
Covid-19
Renter paid Initial lease payment but never ez signed
How to Utilize The PayStub?
SHOULD BOTH NAMES BE ON LSE IF TENANT AND GIRLFRIEND BOTH LIVE THERE
PA Landlords
transfering leases on a sale.
Credit Checks
Upset tenents.
Month to month rent increase
Apartment Hotel question
ezLandlord, Inc. 22228 St. Barts Lane Estero, FL 33928
BECOME A MEMBER
-
DOCUMENTS
-
TENANT SCREENING
-
RENT PAYMENT
-
PRICING
-
RESOURCES