How does everyone set up this escrow? Just one bank account per park? We’re having a tenant going thru eviction threatening to sue us if it’s not done right.
I want to avoid the dreaded lawsuit issues just in case.
Also, we allow people to “put down payments” in excess of the deposit towards their rent credits upon moving in. I guess I should redo the contract to have that as a separate line. As it currently stands it’s lumped in with the deposit, looking back I can see that was most likely a mistake.
Sue you for what damages?
I don’t know, FL state law says it has to be set aside and not commingled, but doesn’t give any specifics.
They’re making all sorts of ridiculous claims and lies just hoping to get something from the judge. I doubt it could happen, but I don’t want to risk it.
What I’m afraid of is another Frank type BS class action lawsuit if we did something wrong.
The way I read this law is that if they owe you money you can use the prepaid rent to settle it. But I am not an attorney, and also don’t own an MHP in Florida.
But yea looks like needs to be separate in some sort of bank account bearing .0001% interest.
http://www.leg.state.fl.us/statutes/index.cfm?App_mode=Display_Statute&URL=0000-0099/0083/Sections/0083.49.html