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Re: Gaining Landlord access to security deposit money - Landlord Forum thread 345161

Re: Gaining Landlord access to security deposit money by Katiekate (New York) on May 24, 2016 @06:17

                              
I cannot figure out why you did it that way

For each new tenant, I open another CD. It has their name on the memo line. I send to the tenant all the documents on the CD...but of course they cannot cash it out. When they move out, I cash the CD..keep all the documents. And then send a check myself along with the bank records concerning the CD and the interest paid on it.

I have never been required to open an account for the tenant...and I wonder if I could since the tenant would have to sign lots of documents for the IRS (proof the money didn't come from a money laundering operation ).

I had this issue come up before judges (In a different county) and no judge has found fault with it
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Re: Gaining Landlord access to security deposit money by Edward (New York) on May 24, 2016 @10:11 [ Reply ]
Thanks @Ktiekate I like your CD approach. I used to have 12 Coop units and the original RE managing agent had set things up as bank account:
Landlord name Trustee
Tenant Security Deposit Esc Acct
Tenant name
so I inherited this poor approach from agent who I fired several years ago, and began managing things myself. I will explore how I might "convert" my approach.

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