Condo Trust Account

GUIDE TO OPENING A CONDO TRUST ACCOUNT

A Condominium Trust Account is generally used by trustees to collect condominium fees, maintain operating funds and reserves, and pay common expenses for the condominium property.

DO YOU NEED THIS ACCOUNT

A Condominium Trust Account is needed by trustees for the following reasons:

• Collect monthly condominium fees or assessments
• Pay insurance, utilities, repairs, management fees, or other common expenses
• Hold reserve funds for capital projects or future repairs
• Separate condominium funds from any individual owner or trustee funds

WHAT TO BRING TO THE BANK

Bring the following documents to open a Condo Trust Account:

• Employer Identification Number (EIN) issued by the IRS
• Trust Documents
• Recorded Master Deed of Property
• Recorded Unit Deed (or Trustee Certificate to show signers)
• Valid government-issued photo identification for each trust signer

TIPS

Take these extra steps to prepare your documents:

• The fastest way to get your Employer Identification Number (EIN), go to irs.gov and search for “EIN”. Remember: it is free.

Thank you for your interest in opening a Condo Trust Account at Watertown Savings Bank.