What should be done monthly concerning escrow accounts in Kentucky?

The correct approach regarding escrow accounts in Kentucky requires that a monthly accounting of transactions is provided to the owners. This practice ensures transparency and keeps all parties informed about the funds held in escrow. It provides clients with a clear view of all deposits, withdrawals, and the current balance, ensuring compliance with regulatory standards and fostering trust in the transaction process.

Maintaining detailed records and providing this information monthly is essential for all parties involved in the transaction. This not only satisfies legal requirements but also helps in addressing any discrepancies early on, ensuring that every stakeholder is aware of the status of their funds. Regular communication and reporting demonstrate responsibility and accountability in managing escrow accounts.