When to collect security deposit?

[Andy Chen]

Sorry for a newbie question. I am very excited about the first approved application.  When should I collect the security deposit? Should it be before signing the contract or after signing. Please advise.

Thanks,

Andy

[Christine Kankowski]

Hi Andy, Since you did say you were a beginner, I'll just offer a few helpful hints.  Take photos of everything in the home prior to handing over to tenant- every light switch, every baseboard, drawers inand out, etc  So that when they move out, there is no debate as to the condition it was left to them.

Be clear in the lease of who is responsible for what- pest control, gardening, repairs, etc. 

Have a clear lease breakage policy listed so they know if they want to leave early what they will need to pay.

change locks between each tenant for your liability protection

require renter's insurance.

Best of luck and we are here if you need us. HouseMatchCA property mgmt.