Author Topic: Sign Lease with New Tenants Ahead of Move-In Date, Collect Deposit Now?  (Read 468 times)

Ty Webb

  • 5 O'Clock Shadow
  • *
  • Posts: 24
I'm in Ontario, Canada.  I'm signing a lease with new tenants for one of my rental properties two months before the lease will begin.  Should I collect the deposit with a cheque dated for now at this time? Otherwise they could just sign the lease and then bail on me with no consequences leaving me with a vacant property.
« Last Edit: March 29, 2018, 06:25:55 PM by Ty Webb »

PoutineLover

  • Handlebar Stache
  • *****
  • Posts: 1165
I don't know the rules in Ontario, but in Quebec the first month's rent is usually paid on the day the lease is signed.

cchrissyy

  • Pencil Stache
  • ****
  • Posts: 737
  • Location: SF Bay Area
I don't know Canada but where I am, you don't have a lease if you don't have the deposit. Like you said, if you haven't collected their check - and deposited it to know the funds were good - then you are at risk of them flaking out and leaving you with an empty rental, turning away other applicants in the meantime. That's not good business!

As a renter, I've never come across a landlord who would hold a unit for a signed contract without the money.

As a landlord, my lease says "The Premises will not be held for Occupant until owner receives this Agreement signed by Occupant and a check for the Payment Total listed on page 1. Subsequent monthly payments are due on the 1st of the month."
(Payment Total in this case is first month, last month, security deposit, pet deposit if applicable)

GizmoTX

  • Handlebar Stache
  • *****
  • Posts: 1368
We paid the security deposit on the day that the lease was signed. Then paid prorated rent for a partial month the day before we moved in.