 escrow account (by amyb [CT]) Jan 13, 2009 9:47 AM
 escrow account (by Cheryl [CT]) Jan 13, 2009 11:48 AM
escrow account (by amyb [CT]) Posted on: Jan 13, 2009 9:47 AM
Message:
State Specific Question About: CONNECTICUT (CT)
I'm a first time landlord of a townhouse I own in CT and have a question about escrow accounts. The residential lease I purchased from Legalzoom.com mentions putting the security deposit in an escrow account. I've researched escrow accounts and found multiple venues of possibilites. Exactly, how do they work and how different are they from a regular savings account? Does the escrow account accrue interest and how is that dispersed. Any suggestions or where to find answers to this would be greatly appreciated.
Thanks --69.118.xxx.xx |
escrow account (by Cheryl [CT]) Posted on: Jan 13, 2009 11:48 AM
Message:
This just means that the security deposit has to go into a seperate account. Technically, it should have the tenants name and SS# attatched to it, since they will be getting the interest. I, personally, don't have their names on the acct. As long as the money isn't co-mingled with your personal money you should be fine. Just make sure that you pay them the interest earned on a yearly basis. The state of CT requires a minimum interest rate to be paid which has been 1 1/2 % for the past few years. Try an online bank such as Capital One or ING for the best rate. --68.9.xxx.xxx |
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