Managing Your Property

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Dominic San Felippo
  • Sanford NC
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Please Help With Trust Account Setup

Dominic San Felippo
  • Sanford NC
Posted Jun 3 2022, 05:22

All-

Our rental property is located in Sanford, NC. We had been using a property manager for the last 2 years and have decided that we want to do it ourselves. Our tenants' security deposit has been turned over to us. We are trying to get the trust account setup but I really do not know whos name goes where on this form. I am wondering if someone might be available (or has someone they would recommend) to explain the form to me in terms a child might understand without the legal vocabulary haha. Thank you so much!

Raleigh, North Carolina

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Nathan G.
  • Real Estate Broker
  • Cody, WY
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Nathan G.
  • Real Estate Broker
  • Cody, WY
ModeratorReplied Jun 3 2022, 05:57

I believe the law confuses people by using the term "Trust Account." Here's a link to a previous discussion. From what I can find, all you have to do is explain to the bank the purpose of your account and ensure it has "trust" in the account name so the purpose is clear.

https://www.biggerpockets.com/...

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Dominic San Felippo
  • Sanford NC
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Dominic San Felippo
  • Sanford NC
Replied Jun 3 2022, 06:06

Thank you so much!!