Why is there a hold placed on my account?

Sometimes we have to put a hold on sending funds to you. This article talks about what the reasons could be for that.

Standard procedure is for GTL to send you your rent income as soon as it clears the bank. But there are a few occasions when we have to put a hold on your funds, so this article lists those different reasons:

  • If you have a vacant property, your account is automatically placed on a hold so that we have funds available to pay for utility bills, repairs, and other turnover expenses between tenants
  • If there is a major repair that needs to be done, such as a large roof repair, foundation/basement repair, etc., and the rent income will not cover the cost, then we will have to place a hold on your funds so that we have the money to pay the vendor for the repair
  • If a notice is received from your bank or other creditor saying that the property is in foreclosure, we have to hold all funds until that is resolved, as the money may no longer belong to you
  • If you go through a divorce and there is a dispute over who should receive the funds, we will place a hold on the funds until it can be ascertained who the rightful owner is
  • If the owner of the property dies, we have to place a hold on all funds until we can determine who the rightful heir is
  • When your account is closed out when we stop managing your property, there is a 30 day hold placed on funds in order to ensure that funds are on hand for any final last minute invoices that may come in from vendors or utility providers

If you have any questions about why you aren't receiving your funds, and none of the above criteria apply, then please email us at support@gtlrealestate.com