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Updated over 3 years ago on . Most recent reply

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Erik Logan
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Legal Advice regarding a rental RE Agent

Erik Logan
Posted

I have a close friend of mine who was referred to an agent local in Dallas to find a rental house for him to live.  He recently received a $120k medical settlement.  Hes a little slow and doesn't understand business.  

He gave her a $20k money order so she could find a property.  (Please understand I didnt know about any of this until after it happed)  he has a blank lease she has asked him to sign ( he hasnt done that yet).  She doesnt have a property for him yet. 

My question to everyone is what should i suggest him to do? This is territory i haven't been in. 

FYI she is licensed as an agent here in Texas. 

Thanks


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Bruce Lynn#1 Real Estate Agent Contributor
  • Real Estate Broker
  • Coppell, TX
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Bruce Lynn#1 Real Estate Agent Contributor
  • Real Estate Broker
  • Coppell, TX
Replied

Typically realtors don't ask for money up front.

Typically the tenants agent does not write the lease, the owner's agent does this.

Doesn't sound quite right to me, but could be legit.

If he doesn't have a job and no monthly income, then he may have to pay rent up front and maybe the whole year up front or some big deposit.

Where do you get money orders for $20,000?   Can you jump in and help him.

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