Hold deposit : ezLandlordForms

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Eric W

started a topic about 7 years ago

I'm getting ready to accept a application with a move in date first to second week of Nov. Should collect her security deposit or just a non-refundable hold of $300 (to be used towards her security deposit once she moves in)?

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Stan M

said about 7 years ago

I collect an amount that equals the security deposit as a deposit to hold unit. When they move in, the deposit is applied to the sec.dpst.

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Eric W

said about 7 years ago

Do you use any special form stating this? I’m meeting her Friday to collect the money and I’m sure she will want something in writing. Also, I’m assuming I should wait to sign the lease with her until we meet to do walk though/exchange keys etc or should I go ahead and sign a lease with her Friday?

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Eric W

said about 7 years ago

Actually what I think I will do is meet her Friday and collect the prorated first months rent and sign the lease. Then at walk through/key exchange have her pay the security deposit. That seems to cover all bases and to be the easiest, right?

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Stan M

said about 7 years ago

Shonda......Consider collecting the deposit upon signing on Friday. This way if they change their mind (and they do) you're covered for the month they were to move in. On move-in date, collect the prorated rent due for the month AND it MUST be Bank Check or Money Order. Personal check not accepted (could bounce). Once they're in, it becomes difficult to get them out.

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Eric W

said about 7 years ago

Stan...she doesn’t have the full security deposit (due to paying November’s rent at her apartments) that’s why I thought if she could atleast pay the first months rent by the payment forms you mentioned, I would allow her to pay the security deposit a week after move in (when she would be paid next). I know I’m probably crazy for allowing her to move in without collecting a security deposit but she was really the only decent one that I liked from all the applications, so I’m trying to work with her. Her apartment complex said she’s been a great tenant and never late in the year she has lived there so I taking that into consideration also. I’m a little nervous about setting myself up for problems.

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Stan M

said about 7 years ago

Shonda......My humble opinion is if you take her on you are setting yourself for a possible greater problem....Personally, I would rather take another month finding a qualified renter vs taking a chance and possible losing 2-3 months rent because I could get tenant out....It would be nice to have others here to offer their experience when they tried to be nice.....Your other option is to review past postings.

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Celeste T

said about 7 years ago

I would verify her new job , do a court house bach grond check on her in her state, and talk to her past landlord. and ask them to put it in writing.

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Matthew M

said over 5 years ago

One months rent. If you feel the renter is "high risk", then two months.