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First month's rent & security deposit - Landlord Forum thread 122835

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First month's rent & security deposit by David on June 12, 2006 @14:30

How many days should I wait for the check to clear if the first month's rent & security is paid?
It's best to get cash, but if I cant' get cash, then how many days should I wait before giving them keys to the apartment ?
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Re: First month's rent & security deposit by CA Landlady on June 12, 2006 @14:36 [ Reply ]
First of all, im going to bust you for even accepting a check for move in expenses, ie deposit and first months rent....those monies are ALWAYS ALWAYS ALWAYS certified funds. Get thee down to THEIR bank and cash that check into currency. Only then will you hand over the keys, provided any and all utils are in their names, etc. If you cant cash that check due to NSF, theyve committed a crime, and why in the world would you consider having them for tenants???
Re: First month's rent & security deposit by theresa on June 12, 2006 @15:08 [ Reply ]
I take chekc or M.O. or certified checks for depa nd first month , but I also go directly down to their bank and get cash. this had come in handy as I just got a phone call that said ( after a 10 day wait) gee I cant move in because my ll would not let me out of my lease early( which was the first I knew about this). so this way I don't lose out on time with an empty non pay apt.
Re: First month's rent & security deposit by Anonymous on June 12, 2006 @20:44 [ Reply ]
I never take m/o's or cash. I collect first months rent and security deposit about 2 weeks prior to move in. 1) I know where they bank 2) It shows stability if they have a checking account. I also look at the check #. If it is high they have been using there current bank for a long time. It only takes two days for a check to clear and 3-4 to now if it going be returned NSF.

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