Posted by PBoone on March 21, 1999 at 16:59:20:
We accept an initial deposit to hold the property while we check references. Then at lease signing we accept the security and 1st months rent in cash or cashiers check ONLY.
Pat
When to collect deposit and first month’s rent? - Posted by Steve Heller
Posted by Steve Heller on March 21, 1999 at 15:02:24:
I would appreciate if someone would comment on when to collect the initial deposit and first month’s rent on a rental. Would you suggest getting the deposit and 1st month’s rent when the renters sign the lease? Or get deposit before they sign lease???
Thanks,
Steve Heller
Re: When to collect deposit and first month’s rent? - Posted by Carol
Posted by Carol on March 22, 1999 at 07:05:40:
Variation on the theme:
We collect an app fee with the app and tell them (actually, we have a 'dear prospective tenant ’ letter) that nothing is confirmed until the lease is signed and we have the deposit.
Once we have run tenant check and approved the app, they come in to
-sign lease
-pay deposit and
-determine when (prior to keys) they will pay the first month AND how they are paying last month (which we also collect)… either it is paid up front, or by post dated checks on local banks given to us prior to moving in.
We DO NOT take cash except for app fee and possibly first month because we have an office where two ladies work (myself included) and have been advised that we do not want folks in town to assume that there is a lot of cash sitting around.
We take local checks and money orders, paid during biz hours at the office or mailed to the PO Box.
A couple of tenants are friends, and may stop by anyway to say hi and drop a check at the house, but even the tenants in the appts we have next door to our home trot to my office or the PO.
Our 02. It works for us.
Carol
Re: When to collect deposit and first month’s rent? - Posted by Rob FL
Posted by Rob FL on March 21, 1999 at 18:17:49:
My rules have always been deposit is paid when we sign the lease and first month’s rent is given in exchange for the keys. Always, I repeat always get the deposit and 1st month’s rent in cash or some sort of certified funds. I cannot imagine what I would do if someone had moved in and their deposit and 1st month’s rent check both bounced.