Security Deposit Installment Agreement Breached by Tenant : ezLandlordForms

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Danny B

started a topic almost 11 years ago

Hello All, I have a newly signed tenant that did not have all of the security deposit up front to pay at the signing of the lease. I agreed (in writing) to take her security deposit in three installments over set days (every two weeks until paid in full). The problem is, though she has paid her rent for the month, she has defaulted on the security deposit installment payment plan we previously arranged. She was to pay the next installment 5 days ago and has not paid. I am concerned that if I don't get all of the deposit paid in a timely manner (and as was per our agreed schedule) if/when she then defaults on paying her rent, I have no leverage or safety net that the property will be maintained because she has only paid 1/3 of her deposit obligation. Furthermore, if she can't pay her deposit installments, its likely she wont be able to pay the rent (plus back owed installments) when it comes due. What are my options?

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Karen S

said almost 11 years ago

Danny, in the future you prob want to get the security prior. However, if a term of the lease is broken then you may have grounds for eviction. You can send the tenant a notice stating such, also a notice that if she doesnt pay you will report her lack of payment to the credit agencies. Really at this point you have to weight your options... eviction process for breaking a term or the lease, or having someone there paying the rent.

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Dawn A

said almost 11 years ago

I agree, ALWAYS get the full security deposit before allowing someone to move in.

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Curtis B

said almost 11 years ago

I get people asking to split it up frequently but after being burned a few times I never allow it. Always get full deposit before move in.