Re: First, last and security deposit - Landlord Forum thread 151772

Re: First, last and security deposit by Terry (ca) on February 22, 2008 @03:00

Most LL's only collect FIRST and SD nowadays because last month's rent runs into all sorts of legal interpretation issues. That said I would always insist on a FULL first month's rent and FULL SD in certified funds before handing over possession. Since last month's rent isn't absolutely necessary, IF any you want to put that on payments. BUT remember you must report as income if rental income collected..in that month. AND you may have to account for it too based on some state laws. Why all three? Take a higher SD equal to at least one month's rent or the max your state allows if need be.

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