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Receipt Of Rent From Property Mgmt Co.

Discuss anything to do with property law - buying, selling property

Receipt Of Rent From Property Mgmt Co.

Postby felabeorbt » Sat Sep 27, 2014 9:42 am

Is there any law(federal or state of North Carolina) that requires property management companies to issue payment for rents collected within a certain timeframe?  My tenant pays his rent on the 1st of the month every month through payroll deduction(he's military). It is received by the rental company no later than the 5th of every month yet I never know when I will get my check from them.  Do they have to release the funds within a certain time period?
felabeorbt
 
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Receipt Of Rent From Property Mgmt Co.

Postby Huxeford » Mon Sep 29, 2014 9:41 pm

The property management company should have a trust account set up for you(or in some cases, a master trust account for many clients so long as they can account for each property separately). I'm not aware of any Federal laws(and I'm not familiar with North Carolina) that require a management company to send the funds. However, the money they are collecting is yours -- and as such, you can demand that money any time you want. Granted, the management company may have to pay bills for the property which could be why they aren't sending the money right away. Your management agreement should contain the details on how and when you want the funds every month. Even if nothing is contained in the contract, you should still have a good enough relationship with them so that you can sit down and formulate some procedures that you would find acceptable, and still allow the management company to do their job. If you feel that's not possible, then I would suggest you may have the wrong property management firm.

Mike F.
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