Start your membership account today...  Access to credit reports, 100's of rental specific forms, agreements, letters, checklists, how-to articles, guides, expert advice and much more!  Even a FREE, 3-day trial!

Not a Member?
Get a Free Trial Membership

  Get FREE Stuff! Run Credit Report Rental Forms  Shop & Buy Forms!  Advertise Your Rental Customer Care

Welcome to Landlord.com's Discussion Forum
Register Latest Topics
 
 
 


Reply
  Author   Comment  
ss2012

Registered:
Posts: 1
Reply with quote  #1 
A potential tenant says that he expects a work injury-related settlement and wants to pay his year's lease in advance.  He has good references and his story holds water.  He will also pay the  damage / security deposit which is about a half month's rent.

I am not comfortable accepting payment so far in advance. But I am not sure why.

What shoud I be concerned about?  Many thanks!
OHlandlord

Registered:
Posts: 3,720
Reply with quote  #2 
The biggest drawback to accepting rent payments in advance is that you may be unable to evict.  If there is some lease violation later, a judge may say you have accepted the violations since you have already accepted the rent.  If the tenant insists, ask for post dated checks so you can deposit them one at a time when each month comes.  Let the tenant know you will be doing this and to be sure to set that money aside and not spend it.
Charmed

Avatar / Picture

Registered:
Posts: 369
Reply with quote  #3 
I would not accept that much rent in advance.  Seems like the tenant may be hiding something.
mariahoustone

Registered:
Posts: 9
Reply with quote  #4 
It is Current liability instead. There is no list of indirect and direct expenses. Please refer schedule of the Profit and loss items of schedule to companies Act.
-----------------------------
Miami Beach Apartments
jamest

Registered:
Posts: 13
Reply with quote  #5 
Quote:
Originally Posted by OHlandlord
The biggest drawback to accepting rent payments in advance is that you may be unable to evict.  If there is some lease violation later, a judge may say you have accepted the violations since you have already accepted the rent.  If the tenant insists, ask for post dated checks so you can deposit them one at a time when each month comes.  Let the tenant know you will be doing this and to be sure to set that money aside and not spend it.


What's to prevent you from just returning the rent?
12Jgoldt

Registered:
Posts: 30
Reply with quote  #6 

That is quite a long term. Maybe the tenant doesn’t want to be disturbed and wants you to stay away from the property.
I advise you to double check his current accommodations and reasons for leaving with the current landlord.

Previous Topic | Next Topic
Print
Reply

Quick Navigation:

Easily create a Forum Website with Website Toolbox.

Apartment Finders > > Member Log-in > Free Trial Offer > Free E-newsletter > Customer Service > Get Free Stuff! > Run Credit Report > Rental Forms > Vacancy Center > Do-it-yourself > Evicting Your Tenant > Foreclosure Resources > Landlord Discussion Board > Income Tax Resources > Information Center > Join Landlord.com > Landlord Law > Library > Multi-family > Professional Advice > Rental & Property Mgmt > Rent Collection > Repair & Maintenance > Security Deposit > Software Center > Tenant Screening > Vacation Homes > What's New > Rental Agreements > Free Leases > Inside Our E-store > > Security Deposits > > Landlord Daily News > Rental Agreements >
LandscapingSanJose.net Resources: Cleaner Sunshine coast