When to collect deposit??? - Posted by Andrew

Posted by Mr. Obvious on September 23, 2001 at 14:04:06:

You already asked this question and it has already been answered. If you don’t know how this forum works, here’s how… Use your scroll bar on the right side of the screen to move down the page, look for your previous post, open any one of the reply posts and read them.

If you’ve already done that and still feel like asking the question, my question to you is: What answer are you looking for?

When to collect deposit??? - Posted by Andrew

Posted by Andrew on September 23, 2001 at 13:23:04:

When do you collect the deposit and first months rent? I have this question b/c I have a property that I am going to rent out and I dont know if I should run the credit check before I get the deposit, or get the deposit and then run the credit check? It makes sense that I would get the money for the credit check, run that, and then have them sign the actual lease? Is this the correct process?

Re: When to collect deposit??? - Posted by Carey_PA

Posted by Carey_PA on September 24, 2001 at 09:32:13:

This is my first deal with a tenat/buyer so I don’t know if I did it right, but I’ll tell you what I did:

I did NOT have them pay for a credit report (but I will in the future), it cost me $14.95 at mrlandlord.com

We signed the lease yesterday (9/23) and the move in date is 11/1…I took 2500 in options consideration, 500 in security deposit, and 1000 first months rent…I took this ALL YESTERDAY and told them they couldn’t have the key until November 1st.

They asked if they could have it a couple days earlier to move some things in and I said ok. I’m a sucker, I know…but heck I got $4k from them!

So, I’m giving them the key on the 29th of October.

Remember, this is just my first experience with a tenant/buyer…so I’m sure I’ll change the process somewhat with the next one.


Re: When to collect deposit??? - Posted by David Krulac

Posted by David Krulac on September 23, 2001 at 20:59:21:

I don’t charge for credit checks, but I know a lot do.
I require 1st months rent upon acceptance, mine and theirs. and I require the security before move in. So in every case I require 1st month’s rent to reserve the place and that plus security before you can move in.

Re: When to collect deposit??? - Posted by willie T

Posted by willie T on September 23, 2001 at 17:06:41:

That answer seems to be a litle harsh. We give them a choice. If they really want the place, then they have to put down the deposit to hold it. If the credit check does not pan out, we give them back the deposit. The deposit holds it up to 30 days, if the credit checks out and they decide at the last minute, they don’t want it, they lose the deposit. The first one to put down the deposit and their application is approved, gets it.