Q: How do I establish a trust account to hold tenant deposit money in North Carolina?
A: First, find a financial institution that is properly authorized in North Carolina. Next, confirm that they offer tenant trust accounts. (Some institutions may call them "escrow" accounts.) Then ask them as many questions as you need. For example, you may want to confirm what documents and information they would need from you, how long the process usually takes, and even how you would go about refunding a tenant deposit. If you have specific questions or need additional information, the North Carolina Real Estate Commission might be able to help.
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