Who can be a signor on Security Deposit Acct Aside From Licensed Property Manager in CA?
We are about to manage a property on behalf of a real estate partnership and we are licensed firm. The Dept of RE of California said the owners of the property can be signors but the person remitting the security deposit check needs to be the licensed property manager since those are broker-related activities. Can the owners of the property be signors of those checks as well? How about the employees of the property owners?
- Landlord365Lv 54 weeks ago
The property owner should not have anything to do with the tenant's security deposit. That is not the owner's money. Other employees of the property owner have no business having access to that account either.
When the owner has hired a property manager then that includes managing the tenant's security deposit. Managing the deposit is part of what they pay you for. I do not know CA state law but I think the Real estate agency is correct that the deposit account falls under the property management duties & is their responsibility.
If the owner wants to do it themselves then they should not have hired a manager.Source(s): I started my 14 yr career working for my father managing a protfoloo of 120 properties all for different property owners. None of them had anything to do with the deposit account. It seems really strange to me that any property owner ever would.
- A HunchLv 74 weeks ago
Unless the State of California told you in writing that the owner can't remit that the security deposit check, I would not pay attention to what the State said.
- properties do not need to have a property manager, thus, there is no requirement that the owner can't remit the check.
- in fact, why does it even matter who remits the check as long as the check is valid and authorized.