Rent deposit help?

BREAKRZ

Inspired Forum Member
Registered
Nov 1, 2016
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#1
Hey all, just wondering if you cash the first and last months rent immediately upon signing a new lease or do you cash the deposit immediately and first months rent just before the tenant moves in?





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Martin1968

Frequent Forum Member
Registered
Jan 22, 2017
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#2
Collecting first and last month rent is used as a deposit for commercial leases.
For residential it’s not something that’s normal (Alberta)
I usually have the 1 month security deposit due immediately on signing of the lease regardless of how many weeks or month(s) that would be before the actual start of the lease.
The first’s month rent usually starts on the first day of the month the tenancy starts but you could collect that sooner as well if you like. All depends on what you prefer.
 
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Michelle918

New Forum Member
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Sep 7, 2007
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#5
I am in AB. I do not like wasting my time and really like to see commitment & follow through with potental tenants. (Some are all talk and no action) When the rental market was tight, I had people put in applications at a bunch of places. I would accept them and then they would be slow or not follow through to sign the lease agreement. After being burnt a few times this did the trick. Taking a rental deposit worked really well and continues to work well for me in a tight market.

I ask for the first months rent and the security deposit (preferably in an e-transfer, certified chq or bank draft or cash) It is deposited asap and as soon as the money clears (if a standard personal chq), I send them the lease agreement.

Less the $500 Rental Application fee which goes towards the first months rent after the credit checks are complete and they have been approved. (If I do not accept them this money gets returned. If I accept them and they don't take it, I keep the money for cost of doing the credit checks.)

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Teresa10609

New Forum Member
REIN Member
Nov 23, 2016
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#6
Oops, I am in Ontario by the way.


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I'm in Ontario as well. I only accept first and last month's rent in the form of guaranteed funds such as eTransfer, certified cheque or cash (less desirable). That way I don't run into issues of cheques bouncing. This is done at the time we sign the lease. I also send the lease a couple of days in advance to ensure everything is covered and there are no issues that they didn't understand it. We sign, I get the money and the tenant/landlord relationship begins.
I am in AB. I do not like wasting my time and really like to see commitment & follow through with potental tenants. (Some are all talk and no action) When the rental market was tight, I had people put in applications at a bunch of places. I would accept them and then they would be slow or not follow through to sign the lease agreement. After being burnt a few times this did the trick. Taking a rental deposit worked really well and continues to work well for me in a tight market.

I ask for the first months rent and the security deposit (preferably in an e-transfer, certified chq or bank draft or cash) It is deposited asap and as soon as the money clears (if a standard personal chq), I send them the lease agreement.

Less the $500 Rental Application fee which goes towards the first months rent after the credit checks are complete and they have been approved. (If I do not accept them this money gets returned. If I accept them and they don't take it, I keep the money for cost of doing the credit checks.)

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