I have a unique situation.
Bought a condo unit six months ago and it came with a tenant and lease. The lease expires the end of this month (November 2012).
The lease was very simple and the tenant was living their for FREE. Basically the previous owner didn't need the condo unit and allowed a relative to live there. As part of the negotiation I got the seller to credit the agreed upon sale price by six months of market rent rate, and hold in escrow another month of security deposit which is to be returned when this lease expires.
Last month I asked the tenant if he wants to renew a new lease at the market rent rate. He said no. I said fine, let's just meet up at the end of the month and do a walk through and key transfer.
Two days ago he said situation changed and he wants to renew. I said OK I will send you a new lease agreement to look over. I pulled the standard Florida Realtors residential lease form, nothing too complicated, completed it and sent it over. I am asking for only first month rent and security deposit.
Standard down here is first month, last month and security deposit.
But I am not asking last month because he is an existing tenant.
However he just told me he can't afford to give me two months rent all at once. He is asking to pay 1 month rent at time of signing new lease, and wait for "a couple of weeks" on the security deposit.
What do you suggest?
Should I even sign the lease without the deposit?
I am thinking if I do I need to modify the lease to reflect this...like a clause "Security Deposit to be paid by xxxxxx or lease is null and void..." some way to protect myself that he is not just buying another month to move then sign a new lease, after 1 month he leaves and I would be totally unprepared and he is not even out a deposit.
Suggestions? Thanks in advance.
