Tenant wants to rent my property but cannot move in until middle of month, can I require them to do a postdated check/cashier check to hold the property? Is that legal?
I won’t hold anything unless they give me money to hold it. Typically I take a security deposit with the lease and rent is due with the move in inspection. I would take a cashiers check that was post dated, if a bank will even do that.
I was wondering if it is legal to ask for a postdated check or cashier check
Never accept a promise instead of cash.
A postdated check is worthless. If the tenant changes their mind, all they have to do is to put a stop payment on it. If they do, don’t expect them to notify you. They will wander off and leave you holding an empty unit for them.
Also, don’t bother to ask the DA to treat a stop payment like a bounced check. Ain’t going ta happen.
You want me to take my property off of the market? Cash or certified funds - now.
Keith
Cash or certified funds. You don’ t know this guy.
Also, if they give you funds to hold the place, make sure they sign something that says it is non-refundable if they don’t move in.
That is all good advice.
I always make tenants pay the $35 application fee, and at least $300 of the deposit if they want to hold the place. I would say 1/3 of my potential tenants choose to hold the place. I never, ever hold a place more than a couple weeks either. Why lose a whole months rent for someone??? Anyway - I give them a receipt, and make them sign a document that says X dollars will be credited toward the deposit on the upcoming lease, and nothing is refundable if they change their mind. I got my document from Mike Rossi - checkout his book - it’s pretty interesting and a good reference for landlords.