article thumbnail

What you didn’t know about property management trust accounting

Buildium

If the trust account is set up correctly at the bank, the bank should not consider the trust account as available funds, because even though they are held under the company owner/broker TIN, the broker is acting as fiduciary agent meaning these funds explicitly do not belong to the company under review.

article thumbnail

Commercial Real Estate – Binding Letter of Intent, Or Not?

Esquire Property Management Group

Many times, this is merely the starting point of negotiations between a purchaser and a seller which is commonly drafted by a purchaser’s broker or attorney. The subsequent approval or acknowledgment of an agreement via email, text, or any other electronic communication service remains non-binding upon either party.

article thumbnail

45 Questions to Ask Short Term Rental Management Companies

Renjoy

But depending on the state, you may need a real estate broker’s license or a PM license to legally operate as a property manager. Additionally, inquire about the methods of payment, such as direct deposit or other electronic transfer options. Are you a licensed Short Term Rental property manager?