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What are the requirements for the escrow account that the…

what are the requirements for...
what are the requirements for the escrow account that the landlord needs to establish to save my deposit. is it a special account at the bank or is it just a normal account?
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Answered in 3 minutes by:
3/27/2018
Nisha Jones
Category: Legal
Satisfied Customers: 3,447
Experience: Managing Attorney at Nisha Jones Law, LLC
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Hi again!

Just a reminder that JustAnswer provides general legal information only and does not constitute legal advice.

Give me just a few minutes to finish typing up some information for you, thanks!

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An escrow account is a specially designated account at a bank.

Also yes, under Georgia state law your landlord is required to place your security deposit in an escrow account.

The other option is posting a surety bond but that is more unconventional, typically a tenant's security deposit is held in an escrow account in a bank.

I hope that helps! Let me know if you still have any questions about this.

Don't forget to rate so I can be credited for my time and help with your question, thanks!

Nisha Jones
Category: Legal
Satisfied Customers: 3,447
Experience: Managing Attorney at Nisha Jones Law, LLC
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Customer reply replied 3 months ago
what can i do if the landlord has failed to put my security deposit in an escrow account?

Unfortunately there isn't really a cause of action for a situation like that and it isn't a criminal offense, it only becomes relevant if your landlord fails to return your security deposit within 1 month of your lease termination.

Has your landlord failed to return your security deposit?

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Customer reply replied 3 months ago
i am worried that he will not

If your landlord did not return your security deposit, then your remedy would be to sue in small claims court.

This is true regardless of whether the security deposit is properly held in an escrow account or not. Even if your security deposit is in an escrow account, you still need your landlord to authorize the release of those funds.

You can access the Georgia state laws on landlords and security deposits here:

https://law.justia.com/codes/georgia/2010/title-44/chapter-7/article-2/

I hope that helps!

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Customer reply replied 3 months ago
it does thanks!

You're welcome, no problem!

Feel free to reach out to me again if you have any more questions in the future, just remember to add "For Nisha" to the first part of your question.

Have a great day!

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DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

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