Leasing requirements

Hi, I’m a new agent. I already had a leasing in my first month. I was the tenant agent. Question: In all leasings the tenant has to pay the Security deposit and the first month of rent? Together? Or they can pay separate?

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Leasing requirements

By Jessica Morales Cruz   
Posted on Oct 10, 2019 in Topic: Realtor Only
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Hi, I’m a new agent. I already had a leasing in my first month. I was the tenant agent. Question: In all leasings the tenant has to pay the Security deposit and the first month of rent? Together? Or they can pay separate?
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Asked by: REALTORS®
Posted: 1 month ago
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Diamond
Veronica Mullenix
about 4 weeks ago
#1 AWARDED - BEST ANSWER
Good question! In the Lease contract paragraph 5A has a blank for inserting the date for making the payment of first full month's rent, later in that paragraph are lines for the provision of the prorated rent due and it's date if tenant is moving in during the month(partial month). In paragraph 10A are similar blanks for the date for delivering the security deposit. It is up to the negotiations between landlord and tenant what dates are placed within these blanks.in paragraphs 5A and 10A. It is customary for the dates in both paragraphs to be similar or within a few days of each other. It is based upon what the parties agree to. There is also paragraph 26, Special Provisions, where any business details can be written to clarify something that the parties are doing that doesn't fit into a specific blank. DO NOT insert anything into paragraph 26 without first getting approval from your sponsoring broker. A real estate licensee cannot practice law! And sometimes words inserted into paragraph 26 are accidentally formatted as offering remedies to situations, instead of being plain business statements; and the choice of words is perceived as a practice of law without a license to do so. Hope this helps.

about 4 weeks ago
Bronze
Kimshawn Lane
about 1 month ago
The security deposit has to always be paid separate. The owner will decide if the deposit can be split up in multiple payments but you will have to pay rent and deposit.


Source:


My info was given based on experience, I have been in property management for over 20 years.

about 1 month ago
Bronze
Zera Thomaz
about 1 month ago
Security deposit and the first month of rent are to be paid separately. www.cannotprint.com Security deposit is given as security money for compensating the fines of late payment, damages to the building, etc. So it must be paid before first-month rent.


about 1 month ago
Disclaimer: Answers provided are just opinions and should not be accepted as advice.
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