HOLDING APARTMENT - Landlord Forum thread 358697

HOLDING APARTMENT by CarolBeth on October 24, 2018 @13:35

I usually do not do this. Usually I do not hold houses or apts but this time I will. They can give me deposit now. And pay November rent on Nov 1 at which time I will give them the key.

How do you handle this with the paperwork? I feel like I don't want to sign a lease until they show up with rent. They have already applied and have been approved.

What if they don't show back up on Nov 1? What about this deposit?
If for some reason they don't show up on Nov 1 I want to be able to move on.

I suppose these questions are the reason our policy has always been we don't hold properties I have to keep showing until I get a signed lease and sec deposit and rent are due at the lease signing. I'm always uncomfortable and rightfully so when I go outside of procedures to get a tenant.

The only reason why I'm doing this is because of 1. it's just a 1 BR apt and 2. I am about to have 2 apts avail in this building. The area is usually slow for prospects.

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Re: HOLDING APARTMENT by lpadave on October 24, 2018 @13:53	[ Reply ]

If these tenants are clear and passed your screening and you are satisfied,....there is one week left in October. Execute the lease, get their money, give them their keys and say thank you. A one week concession is very little money to get a processed, qualified tenant actually signed up and in place. Getting the rent and security now will assure they move in as will the signed lease. If they want to wait till November because they don't have the money now,.....that might be a red flag,....or it might not. Execute the lease with a side note or side letter setting out date and dollars but don't give them keys or possession until you have all money and docs due.

Re: HOLDING APARTMENT

Re: HOLDING APARTMENT by L. on October 24, 2018 @18:16	[ Reply ]

https://www.thelpa.com/free/rental.pdf

Re: HOLDING APARTMENT by LAMAC66 on November 5, 2018 @08:57	[ Reply ]

In my state we cant accept security deposit until lease is signed. However we can take a holding fee after you have qualified to rent the home. I do not hold apartments more than 7 days and only if I have a holding fee, showing good faith that you indeed will move in within 7 days. The holding fee assures that I have taken the rental off the market and you will move in. If you don't move in you have forfeited that holding fee because I have taken the rental off the market and missed opportunities to rent this unit. If you qaulify and you chose not to move in after you qualify I continue to show the rental until it is rented. Simple stuff.