Rent & Security Deposits
Source: Every Landlord’s Legal Guide
By Marcia Steward
Attorneys Ralph Warner & Janet Portman
Every Landlord’s nightmare is a new tenant whose
first rent or deposit check bounces and who must be dislodged with
Time-consuming and expensive legal proceedings.
To avoid this, never sign a rental agreement, or let a Tenant move
furniture into your property or take a key, until you have the
Tenant’s cash, certified check, or money order for the first
month’s rent and security deposit. An alternative is to cash the
Tenant’s check at the bank before the move-in date. (While
you have the Tenant’s first check, photocopy it for your
records. The information on it can be helpful if you ever need to
sue to collect a judgment from the Tenant.) Be sure to give the
Tenant a signed receipt for the deposits.
Rent should become due on the first day of every month. If the
move-in date is other than the first day of the month, rent is
pro-rated between that day and the end of the month.
Tip from Crossett Real Estate Services:
Example: Pro-ration is divided by a 30 day month.
Monthly rent: $750.00-pro-ration (rent per day) = $25.00 per day: