non-bearing interest account

cyaxiza · Joined: 16 Aug 2007 Posts: 2 2.02 Dollars($)

I'm looking to deposit the security deposit I received from the apt. rented. I was told to use a non-bearing interest account so that I don't have to deal with the taxes earned since the money I'm depositting is "really" not mine. Do you know exactly with this account would be called? Is this the right thing to do? First time renting my apt., appreciate your input.

Thanks!!

livinginnky · Posted: Fri Sep 21, 2007 2:35 pm Post subject:

Non interest bearing account. It is an escrow account and the bank will know what to do. And yes everywhere I know of requires it as a law. And if you don't have it in an escrow account you can face penalties. If you are a landlord you should very much consider reading your local "landlord tenant laws". Do a google search and call an attorney.

A couple things to remember.
1. This is your tenants money.
2. You cannot earn any interest or profits from it, period.
3. Be careful if your tenants get behind on rent as most places this does not give you the right to automatically use this money.

Guest 0.10 Dollars($)

The interest bearing account can be accessed through an ATM card or a VISA check card.

livinginnky · Posted: Mon Sep 24, 2007 1:20 pm Post subject:

Guest 0.10 Dollars($)

When buying a home who is to pay the Realty Transter fee, the seller or the buyer?

Thanks for the quick reply.

larry · Joined: 27 Jun 2007 Posts: 3328 473.40 Dollars($)

Hi Soraya,

During a real estate transaction, the seller typically pays for the real transfer fee based on the property's selling price.

livinginnky · Posted: Sat Sep 29, 2007 10:09 am Post subject:

I would like to add something that a lot of people often forget, including myself.

EVERYTHING IS NEGOTIABLE

If any agent ever tells you different... Get a new agent.

Keep this in mind though. Be reasonable.

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