New Tenant Payment

[Brendan R.]

I have approved someone for an apartment.  They are planning to move in December 1st.  I wanted to get together with them tomorrow or Saturday to sign the lease and collect first month's rent and security deposit - $1800 total. 

He said we could just wait until the 28th.  Should I stand firm on signing the lease and collecting the funds within two days?  I plan to continue showing it if he doesn't agree.  

How do you handle the timeline for collecting first month's rent, security deposit and signing the lease agreement?

[Gail K.]

I tell  applicants that until the lease is signed and the deposit is collected, the rental unit remains on the market.   If the lease signing is done near the first of the next month, both the security deposit and rent are paid at the same time.

I agree with you continuing to show the apartment if this person does not sign the lease and provide at least the security deposit within the next day or two.   It is not unusual that an applicant will continue looking and will not be around when the 28th rolls around.

Gail