[swiftsign swift_form_id=”1709″ fullpagemode=”ON”]
PERSONAL RENTAL PROPERTY THIS FORM MUST BE COMPLETED WHETHER OR NOT YOU CURRENTLY OWN RENTAL PROPERTY.
43.40.20 Requirement of trust or escrow checking account for real estate business; rules and regulations as to trust account.
(f) Any licensee, acting in the capacity of principal in the sale of interests in real estate owned by such licensee, shall deposit in a trust account in a state bank or trust company or any foreign bank with authorizes the commission to examine its records of such deposit those parts of all payments and existing mortgages, contracts for deed or other conveyance instruments, reserves for taxes disbursement is made under the terms of the encumbrance pertaining thereto and proper accounting on such property is made to the parties entitled thereto.
(g) Salespersons or associates brokers who receive security deposits or other trust funds on property they own or who receive payments as described in subsection (f) of the Code section must deposit those funds into a designated trust account approved by the broker. If the broker approves the affiliated licensee’s holding such trust funds in a designated trust account owned by the licenses, the broker shall assure that the bank in which the account is maintained designates the account as a trust account and the broker shall notify the commission of the name of the bank in which the account is maintained and the name of the account.
Classic Homes Realty of Atlanta does not provide a trust account for licensee’s rental property because of the additional bookkeeping this would require. Therefore, any licensee holder’s security deposits or other funds on rental property they own or have an interest in must maintain a personal escrow or trust account for the deposit of those funds. This trust account must meet the requirements as described in 43-40-20 (A&S) of the Georgia Real Estate License Law. The licensee must provide Classic Homes Realty of Atlanta Inc proof of this account, the name of the bank, the account number and the designation of the account as a trust account. This may be in the form of a bank statement or letter from the bank.
The licensee, if they do not presently own rental property, agrees to notify the broker and comply with the rules and regulations if such property is acquired in the future, as long as they are associated with Classic Homes Realty of Atlanta.
I have read and understand the above and agree to comply.
I am [swift_agree] /am not [swift_agree] a full or partial owner of rental property.
e-Mail: [swift_email ]
Phone: [swift_phone name=”phone” size=”medium”]