Security deposits

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lovingit

Member
I heard that CA landlords are required to get the tenants' security deposits sent to them by the property management companies.  Does it vary from state to state?  I think a friend of mine in the east coast told me that his property manager does NOT deposit security money into his account.  It is held separately and accrues interest.

I think in CA, the security deposits are not held in a separate account and gets sent to the landlord.
 
I've had it both ways.  In CA Property Management Agreement (C.A.R. Form PMA) there is an option for Security deposit to be
1. deposited to owner
2. placed in broker's trust account

so either way is legal.
 
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