Avoiding trust account pitfalls.: An article from: Journal of Property Management

This digital document is an article from Journal of Property Management, published by Institute of Real Estate Management on November 1, 1995. The length of the article is 2928 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.

From the supplier: Property management trust accounts are state-regulated fiduciary accounts that are created for the safekeeping of funds of another party. The laws governing these accounts differ from state to state, but it is required in most parts of the country for all funds belonging to property owners and all security deposits from tenants must be put in a trust account. State rules differ in terms of their separate trust account requirement, deposit deadline, retention of records, bearing of interest and random auditing. Compliance with the provisions of some trust account regulations is quite difficult because these regulations were originally intended for escrow accounts used in buy-sell transactions. Because of this, several states have agreed to relax these requirements.

Citation Details
Title: Avoiding trust account pitfalls.
Author: Ellen Romano
Publication:Journal of Property Management (Refereed)
Date: November 1, 1995
Publisher: Institute of Real Estate Management
Volume: v60 Issue: n6 Page: p56(6)

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