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Nick Patel
  • Investor
  • White Marsh, MD
11
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Question about Baltimore county, Maryland Escrow account

Nick Patel
  • Investor
  • White Marsh, MD
Posted

Question about Baltimore county, Maryland Escrow account. I know Baltimore county requires Escrow but not sure if separate Saving account can be used as an escrow account.

  1. Do I have to have an Escrow account or can I use separate saving account for tenant's security deposit?
  2. Do I open escrow/saving account separate for each tenant?

Thank you in advance for your reply,

Nick Patel

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Ned Carey
  • Investor
  • Baltimore, MD
13,375
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Ned Carey
  • Investor
  • Baltimore, MD
ModeratorReplied

You do  not need an account  called "Escrow" by the bank it just needs to be a separate account from your general funds. All security deposits can go into one account. 

  • Ned Carey
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