When do you collect the security deposit, upon signing the lease? : ezLandlordForms

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When do you collect the security deposit, upon signing the lease?

David M

started a topic over 8 years ago

Hi, I live in California and in about to lease my condo and wondering when should I collect the security deposit, upon signing the lease? Thanks David

4 Comments

Richard W

said over 8 years ago

Yes make sure you have all funds collected at the signing of the lease before you hand the keys over to the property. Plain and Simple. This is the best practice until you have some experience renting properties. There are so many things that can go wrong and if you start with it as simple as possible you can avoid many complications later on.

David M

said over 8 years ago

Great, thank you Richard! Regards, David

James A

said over 8 years ago

I do not draw up a lease until I have a deposit, usually the security amount, then I require the 1st months rent amount upon signing the lease. This puts all the required money upfront. (some utilities require a copy of the lease before they will turn on in the tenants name so this works well )The keys I then hand over the day of or the day before the lease begins.

David M

said over 8 years ago

Thanks James, I got the deposit, but not the 1st month rent! I guess I'll collect that when I hand the keys! David