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General question for advice

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babbles
Established Contributor

General question for advice

I have a rental property in Georgia that Coldwell Bank was managing for me for the last year.  I gave them notice that I am going to take over managment and they seem like they are ticked off.  They are asking where the security deposit for the tenant will be held.  I am giving them the bank of america where I bank at.  As far as I know, should they be they concerned with which bank the security deposit will be held?  They are notifying the tenant that the location of where the deposit will be held, ok understandbly I guess.  I told them I will make arrangements with the tenants anyway for repair purposes, as I wil arrange for immediate repairs as needed.  Seems like they are trying to give me a hard time a little bit for terminating after the new year of managing began automatically.  Thanks.

Message 1 of 3
2 REPLIES 2
pstx
New Member

Re: General question for advice

I think some states have laws prohibiting co-mingling security deposits (technically tenant's money) with your own personal funds. If they have been holding deposit funds for you, they probably want to make sure the change is documented correctly. As managers, were they making deposis and writing expense checks from your account for expenses? In any case, don't be afraid to ask questions.
Message 2 of 3
babbles
Established Contributor

Re: General question for advice

Thanks!

Message 3 of 3
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