A real estate broker should take the following steps when requesting that a trust account be opened:
- Ask to open a business checking account.
- Verify or confirm that the account has federal insurance coverage (FDIC, NCUSIF, etc.).
- Ask to have the account opened and captioned/titled as a “trust” account in your name, registered fictitious name or corporate broker name, with the broker designated “as trustee” in the title or on the broker/designated officer signature line.
- No separate or special trust agreement is required. The depository will ask for additional documentation to verify your identity, business certificates, Articles of Incorporation, etc.
Read the whole article here: http://www.bre.ca.gov/files/pdf/OpeningTrustAccount.pdf
Rentables makes it easy for you to maintain accurate records for your trust account. Whether you are just getting start with a couple properties or manage 500, Rentables® is built for your business.
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