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jukeboxpunk

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Posts: 2
Reply with quote  #1 

My current tenants are in the process of moving out.  They have completed their one year obligation with my rental unit.  I have already listed the unit and have screened several applications thus far.  My wife and I are really happy with a couple and would like to "secure" them as tenants when the unit becomes available.  Currently, my tenants leav October 31st 2011 and I listed the unit available on the 15th of Novemeber 2011.  Can I obtain the first month's rent and security deposit early, or I have to wait for the 15th of November?  Or maybe there is a better way to approaching this situation.  Any suggestions would be greatly appeciated. Thanks 

SmartBlonde

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Posts: 5
Reply with quote  #2 

I'm in Texas, and there is nothing that says I can't do what you are asking.  Check your property code first.  It may not be illegal, but you might have a hard time convincing a tenant they need to do this.

 

I probably would not demand the first month's rent now, but I would definitely get the Security Deposit now and collect 1st month's rent BEFORE handing over keys. 

 

Oh, and cash only for these two payments.  I've learned my lesson about accepting personal checks for move-in amounts.


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jukeboxpunk

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Posts: 2
Reply with quote  #3 
SmartBlond!  Thank you for the great reply.  That is exactly what I was thinking.  Security deposit now and close to move-in day first month's rent on the signing of the lease.

 
OHlandlord

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Posts: 3,734
Reply with quote  #4 
Check for legality in your area on this.  But do yourself a favor.  Ask for a "non-refundable holding fee' to hold the unit until they move in.  Make the fee non-refundable in case they change their minds and don't move in.  Have the fee convert to the 1st month's rent if they sign the lease, pay the deposit in full, & take occupancy when the unit becomes available.  Why covert to the rent?  Because if it converts to the deposit and they never move in, a court may order you to return it (they can equate it to a deposit-meant to secure the lease performance).  By converting it to rent, it's more like owing the rent for a notice period to not take the unit.

Don't sign a lease until the other tenant leaves in case they don't get out in time and end up holding over.  You don't want to be obligated to a new tenant (and an exact date) if the old tenant doesn't leave.
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