Legal Question in Real Estate Law in New Jersey

me and my sister own a home, as an inheritance in RI. we live in NJ. we need to set up something/bank account, LLC or whatever so we can put rental income checks into and have it separate from our personnel accounts. what is the best way to do that? Here in NJ or in RI. We both live in NJ but the house is in RI. It is a beach house we both use, but want to rent out to pay bills


Asked on 3/16/17, 6:46 pm

1 Answer from Attorneys
John Corbett Corbett Law Firm LLC

I recommend that you post your question to Rhode Island so that you make contact with a lawyer who practices there. Landlord/tenant law is very jurisdiction-specific. In NJ, for example, a security deposit must be held in an NJ bank. I expect that RI may have a similar law. If the property is in RI, the applicable law will be that of RI. Since you are not familiar with RI laws, you may also wish to engage a property manager to help you.

See also: http://info.corbettlaw.net/lawguru.htm

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Answered on 3/16/17, 8:48 pm


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