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chrisfromwa

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Posts: 2
Reply with quote  #1 

Hello,
I'm going to be renting my home that's located in Washington.

One thing I haven't been able to quite get cleared up,  is the security deposit.  Does my state require it to be in a 'trust' account. 

Or can it be a personal account that I've designated for this deposit?

Thanks!

 

AccidentalRental

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Posts: 111
Reply with quote  #2 
This article from The Balance summarizes your options in WA.  I would contact a local bank.  Tell them you want to open a "landlord-tenant" or "security deposit" account.  They will walk you through the process.

Congrats on the first rental.  Be sure to read up on your local laws:
Good luck!

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AccidentalRental - A profitable resource for new landlords

chrisfromwa

Registered:
Posts: 2
Reply with quote  #3 
Thank You,  this is very helpful.

OHlandlord

Registered:
Posts: 3,776
Reply with quote  #4 
Please see this section of this site to get a link to your state's deposit laws.
http://www.landlord.com/security-deposit-law-guide.htm
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