What are the laws regarding escrow accounts used for rental properties in the state of florida?

We are planning on renting our house out, and know that we need to open a separate escrow account for deposit money, ect. Are we allowed to deposit the rent money into this account and then withdrawal that money to pay the mortgage or any damages or maintenance needed? What are the limitations with using that money? We want documentation of rent money being paid ect for taxing purposes, what are the laws regarding using the escrow account?
Thanks.

By | 2013-08-27T15:19:31+00:00 August 27th, 2013|Mortgages Home Loans Interest Rate|2 Comments

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2 Comments

  1. RedPersianKitty August 27, 2013 at 3:55 PM - Reply

    The deposit needs to be held in a financial institution in the state of Florida. If it is put in an interest bearing account then it needs to be disclosed as to who will collect the interest. You can also put it in a non-interest bearing account. The rent can be paid directly to you and you can use it however you wish. If I were you I would have an attorney draw up the lease.

  2. goz1111 August 27, 2013 at 3:28 PM - Reply

    if Florida requires you as the landlord to place the tenant security deposit in escrow then you can not use the monies for anything Leese then damages they inflict on the rental

    but rent monies paid to you do not have to be escrowed

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