How are expenses and/or improvements handled for real estate held in my Sterling Trust account?
Any earnest money deposit, as well as all insurance premiums, taxes, debt payments, or other expenses or improvement costs associated with the property must be paid by the account to an unrelated third party. Sterling requires your written authorization to pay any invoices, so it is important that you use your mailing address when setting up utilities, etc. so the bills are sent directly to you (or your property manager). A copy of the invoice or tax notice must then be faxed to Sterling along with the your signed written authorization to authorize the expense payment to be processed. You may not pay for an expense on a credit card and remit the statement for payment. Sterling will not process payments to a credit card issuer.
