Escrow Acct for Security Deposit - HELP! : ezLandlordForms

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Escrow Acct for Security Deposit - HELP!

Antonio V

started a topic over 12 years ago

Hello - I have one single family home in AZ that I rent. I reside in CA. The found out today that the current property management company I hired to manage my property has an agreement with me that ended in Dec 2011! They just recently asked for us to renew with them. I find this odd. Anyway, because of this and a few other reasons I am thinking of managing my own property. My question for all you experienced property managers is, do I need to have an escrow account to hold the security deposit or will a savings account work?

1 Comment

Bob R

said over 12 years ago

You need to check AZ laws about sec.dpst holding. As for the mgmt co, you probably should send them a certified letter stating when you will not be using their service. Check your agreement with them for particulars. Also, don’t forget to ask for any deposits mgmt co has. Do not let them hold on to it for you. -----Disclaimer: Since I’ve been answering a lot of questions, I thought I would make the following statement. I’m not affiliated with EZlandlord Forms. I’m just here (not sure how long) to help those that have questions. Having 40+ yrs with Rental Property and done well, it’s my way of “Pay it Forward (check out the movie).” However, it is up to you to become familiar with your State/Local laws. I always like to know if the suggestions I offer are helpful. Feel free to comment anytime. Thanks in Advance