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News & Information: Risk Management Tips

Risk Management - Advanced Funds

Friday, February 01, 2013  
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»Property managers are restricted from using advanced funds for any purpose other than the purpose for which they are intended.

Advanced funds should be placed in a separate "disbursement” account with funds being distributed from this account only for the intended purpose. Periodic reports should be made to the customer outlining the balance of the account and the use/distribution of funds.

Risk Management Tips of the Week are provided by the ORRA Risk Management Subcommittee as a service to ORRA members. The tips are not a substitute for individual legal consultation. Tips should not be relied upon in specific situations without consulting a real estate attorney.

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