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Updated almost 7 years ago on . Most recent reply

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15
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Krisitna L.
2
Votes |
15
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Help - NSF Security Deposit (not deposited)

Krisitna L.
Posted

I just started the renting process for an office yesterday and was told that the deposit check was written from the wrong account.  The tenant signed the lease, but not the owner.   The check has not been cashed and I'm asking for a money order.  Considering the circumstances, is this considered a valid lease?   The check has not been cashed and the lease has not been signed.    Unfortunately, they do have the keys to the office.  We did run a background and credit check and the person came up with an A rating.  

Based on other BP reviews, most landlord do not accept personal checks.  After 10 years, this is actually the first incident.  Unfortunately, it looks like I'll have to ask for money orders now.   Your input would be appreciated.

Most Popular Reply

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689
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Andrew Kerr
  • Rental Property Investor
  • Everywhere, USA
525
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689
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Andrew Kerr
  • Rental Property Investor
  • Everywhere, USA
Replied

@Krisitna L. - I will take a check for a deposit if there is ample time for the check to clear before move in. Otherwise it is a credit card or certified funds for both the deposit and first months rent. I also don't give out keys till the leases are signed by all parties and and funds are collected.

I didn't see a location, but I would check with your local laws. A judge might say the lease should be upheld since they signed and you turned over keys. Might be worth the time to talk with a local lawyer as well in case this develops into a further problem. 

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