Easy, trustworthy escrow service for rental deposit?
April 16, 2017 10:19 AM Subscribe
I am subletting my apartment in Pittsburgh to a tenant for the summer. I'm asking for a security deposit, and it seems to be PA law that deposits must be put in escrow. What's the easiest way to set up an escrow account?
The security deposit is $700 for a 3-month sublet.
I use Bank of America, and there seem to only be PNC Bank locations in Pittsburgh. I googled "escrow pittsburgh" but nothing really came up.
I'm really busy for the next few weeks, so I don't want to go to a local bank and set up a new account etc. So I'm considering online escrow services.
The only one that people seem to recommend is escrow.com, and it seems to be for buyer/seller relationships, not tenant/landlord. If the tenant plays the part of the buyer, after sending their deposit to escrow, they can then still withdraw it at any time, right? That doesn't seem right. I'd want a service where the tenant puts funds into escrow and then *I* decide whether the funds should be released.
Any suggestions?
The security deposit is $700 for a 3-month sublet.
I use Bank of America, and there seem to only be PNC Bank locations in Pittsburgh. I googled "escrow pittsburgh" but nothing really came up.
I'm really busy for the next few weeks, so I don't want to go to a local bank and set up a new account etc. So I'm considering online escrow services.
The only one that people seem to recommend is escrow.com, and it seems to be for buyer/seller relationships, not tenant/landlord. If the tenant plays the part of the buyer, after sending their deposit to escrow, they can then still withdraw it at any time, right? That doesn't seem right. I'd want a service where the tenant puts funds into escrow and then *I* decide whether the funds should be released.
Any suggestions?
Best answer: Try any local bank. When I needed to set up an escrow account I walked in to a nearby bank branch & talked to them. I had to fill out some forms but it was dead easy. I didn't have to pay any fees, although the interest on the account is microscopic (but that belongs to the tenant in any case).
posted by mr vino at 1:34 PM on April 16, 2017
posted by mr vino at 1:34 PM on April 16, 2017
I am a renter in Pittsburgh. I pay my deposit to my landlord who deposits it in the escrow account. There's no reason it has to be at a bank with a location in Pittsburgh.
posted by muddgirl at 1:55 PM on April 16, 2017
posted by muddgirl at 1:55 PM on April 16, 2017
Best answer: Relevant laws:
https://www.thelpa.com/lpa/landlord-tenant-law/pennsylvania-security-deposit-law.html
A surety bond is another option. Again, the renter pays the deposit to you, and you obtain the surety bond.
posted by muddgirl at 1:57 PM on April 16, 2017
https://www.thelpa.com/lpa/landlord-tenant-law/pennsylvania-security-deposit-law.html
A surety bond is another option. Again, the renter pays the deposit to you, and you obtain the surety bond.
posted by muddgirl at 1:57 PM on April 16, 2017
« Older Canadian mortgage / selling / relocation / timing... | Freelancing and feeling burned out. Newer »
This thread is closed to new comments.
Should the tenant be the one buying (?) a surety bond?
posted by glass origami robot at 12:06 PM on April 16, 2017