Escrow Account For Relocation Fee

[Jian Feng]

Hi,

I am trying to do a owner move-in eviction on my multifamily units. I want to create an escrow account to pay the tenants. I realize most Banks don't provide that service. Any recommendations regarding companies that provide escrow service. Here is the requirement from Los Angeles.

How and where do I establish an escrow account, if I choose to do so?

The landlord may place the escrow account in any bank, savings and loan association, or credit
union with federal deposit insurance, or with any broker who is licensed by the California Corporate
Commission, or with a client trust account of an attorney currently eligible to practice law in
California pursuant to the records of the State Bar of California that is reasonably accessible to the
tenant(s) during normal business hours. (RAC Regulations, Section 960.00.)

https://housing.lacity.org/wp-...

Thank you,

Jian