Minnesota real estate brokers?are required to have a real?estate?trust account set up for their company in order to deposit money into a safe environment for real estate transactions. When it comes to Minneapolis property management companies and St. Paul management companies would open a trust account to deposit money received for security deposits and refundable pet deposits from renters.
Trust accounts must be opened with a federally insured bank and the bank must know prior to issuance that this is a real?estate?trust account.? All checks, registers, deposit slips and other paper products relating to this account must specifically state that this is a trust account.? By law, the account must be an interest bearing account and the brokerage firm?must accurately comply with interest disbursements to clients.? A trust account is basically a third party account that secures the money during new rental transactions.? The?brokerage firm?does not have any ownership rights to the money in the account and money deposited in the account cannot be used for anything else but that specific transaction.
If you are a Minnesota landlord who does not feel they will be able to set aside your tenant?s security deposit in an account without spending it, you may want to hire a Minnesota rental agency to manage your property as they will have a trust account set up and will ensure your tenant?s full security is held and not spent.
To learn more about Minnesota trust accounts visit http://mn.gov/commerce/topics/real-estate/index.jsp
the jerk lake havasu halo 4 jewel san francisco earthquake san francisco earthquake terminator salvation
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.