Property Management Calabasas
Calabasas Property Management
West Hills Property Management
Woodland Hills Property Management
Rents Collected Are Trust Funds.
That requirement means several things in regard to property management. Both rents collected on someone else’s property and security deposits collected from tenants are trust funds, and brokers must place them into a trust account. Some property managers have the mistaken idea that, unlike security deposits, rents collected are not trust funds. Few ideas could be further from the truth. If a property manager collects rents on property owned by any other person, he or she must deposit those funds in a trust account. To do otherwise constitutes commingling.
A rare exception to that requirement occurs if the leases, consistent with the management agreement, directed that the rents be paid directly to the owner. If permitted by the management agreement, the broker could receive the rents on behalf of the owner and deposit them into a bank account owned by the owner. Yet, even in this exception, the rents are trust funds to the broker. Brokers just do not deposit them into a trust account by agreement of the parties.
Carnahan Property Management is an expert at setting up the correct method of handling all monies collected from tenants.
Carnahan Property Management services Woodland Hills,West Hills, Calabasas, Canoga Park, Tarzana, Reseda, Topanga, Encino, Northridge, Van Nuys,North Hills,Chatsworth, Sherman Oaks, Studio City, North Hollywood, West Hollywood, San Fernando, Granada Hills, Mission Hills, Simi Valley, West Lake Village, Agoura,Toluca Lake, Valley Village, Burbank.
