Cashing Rent Cheques

[realfortin]

QUOTE (NorthernAlex @ Mar 2 2009, 07:49 AM) Now my question:
1) Do you accept multiple payments?
2) Do you accept moms/dads cheque?

1) I do, on one of my properties, it is not too much of an issue. All the tenants are on the lease?
2) As long as it is made out to you, there is no issue.

As for the N4, if one person does not pay, I would issue the N4 to both as they are both on the lease and you don`t have a seperate lease for each. This works out in your favour as the other tenant would put pressure on the non-paying one.

Real

 

[Mecheng]

QUOTE (realfortin @ Mar 2 2009, 09:34 AM) 1) I do, on one of my properties, it is not too much of an issue. All the tenants are on the lease?
2) As long as it is made out to you, there is no issue.

As for the N4, if one person does not pay, I would issue the N4 to both as they are both on the lease and you don`t have a seperate lease for each. This works out in your favour as the other tenant would put pressure on the non-paying one.

Real

So if one cheque deposits and one defaults you have unknowenly accepted a partial payment.
I have read some people saying not to accept parital payments but I found this on the landload and tenant borad website:

"The rent is late if the full amount is not paid by midnight on the day it is due. A landlord does not have to accept partial payment of rent. If partial payment is accepted, the landlord can still take steps to collect the rest of the rent that is owing, including serving a notice that asks the tenant to pay the rent they owe, or move out of the unit."

So what is the final word on accepting partial payments? Is it viewed differently if it goes to a hearing?
In the case above, accepting two cheques from tenants both on the lease, would this not seem reasonable?

 

[Brik8]

QUOTE (realfortin @ Mar 2 2009, 10:34 AM) 1) I do, on one of my properties, it is not too much of an issue. All the tenants are on the lease?
2) As long as it is made out to you, there is no issue.

As for the N4, if one person does not pay, I would issue the N4 to both as they are both on the lease and you don`t have a seperate lease for each. This works out in your favour as the other tenant would put pressure on the non-paying one.

Real

I do this the exact same way...If one bounces, then I address the issue with both tennants telling them that they rented together and they must pay rent on time (both of them), otherwise N4 issued.

 

[NorthernAlex]

Hey, thank you all very much for your great feed back.

 

[housingrental]

With no written lease isn`t there a potential for tenants claiming they were renting by the bedroom?

QUOTE (realfortin @ Mar 2 2009, 10:34 AM) 1) I do, on one of my properties, it is not too much of an issue. All the tenants are on the lease?
2) As long as it is made out to you, there is no issue.

As for the N4, if one person does not pay, I would issue the N4 to both as they are both on the lease and you don`t have a seperate lease for each. This works out in your favour as the other tenant would put pressure on the non-paying one.

Real

 

[seanverret]

QUOTE (mortgageman @ Mar 1 2009, 01:48 AM) One of my tenants paid her rent by email this month. It was incredibly easy and bang, the money is there right away. Plus instant record keeping done for you. And as far as I can tell there was no fee.

Email money transfers are limited to $1000 per day I believe...