When should I expect deposit from new tenants

[Jorge Caceres]

Hi, 

When should I expect an incoming tenant to pay their deposit? They signed the leased agreement over a week ago and their moving date is in 10 days. I have other prospects that I keep telling the property is already rented but I don't know how long to wait for the people that signed to pay the deposit. 

Thank you!

[Joe Splitrock]

I would never sign a lease agreement without a deposit paid. You are taking 100% of the risk. Your leasing process should have a deadline for when deposit and first months rent are paid. 

We require deposit paid within 24 hours of application approval. If not paid, we move to the next applicants. Once deposit is paid, we sign a "deposit to hold agreement". That agreement says the deposit is non-refundable if they fail to sign a lease and take occupancy. When we sign the lease, we require first months rent. 

Hopefully your lease has some conditions for move in, such as deposit and first months rent must be paid. Otherwise, technically they could just move in without paying a penny. If you called the police, they could just show the lease and the police would refer it as a civil issue. You MUST get money at the time of lease singing in the future.