- Joined
- May 10, 2015
- Messages
- 2
Looking to fix a rent-to-own agreement. Bank is saying that our rent collected can't be used as a downpayment so it looks like we need to setup a separate bank account to illustrate the renter's mortgage down payment that has grown during the term.
I am worried if I setup the bank account strictly under the renters' name they will simply liquidate and walk (totally breaking the agreement but leaving me no way control the collection), how should the financial side of the rent-to-own bank accounts be setup?
Is there a way to create a bank account they can only deposit but not withdraw from?
We were thinking of putting a second signature on the account to control withdrawls and just use a third party. Could anyone be that 3rd party and just act like a control?
If the agreement fails how can I ensure the money put into that account is forfeit to me/the property owner? Sure the agreement can be written that way but if the tenant and a 3rd party need to mutually sign for withdrawls then the tenant could break the agreement and never release the funds.
I am worried if I setup the bank account strictly under the renters' name they will simply liquidate and walk (totally breaking the agreement but leaving me no way control the collection), how should the financial side of the rent-to-own bank accounts be setup?
Is there a way to create a bank account they can only deposit but not withdraw from?
We were thinking of putting a second signature on the account to control withdrawls and just use a third party. Could anyone be that 3rd party and just act like a control?
If the agreement fails how can I ensure the money put into that account is forfeit to me/the property owner? Sure the agreement can be written that way but if the tenant and a 3rd party need to mutually sign for withdrawls then the tenant could break the agreement and never release the funds.