Deposit/1st payment- when??

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    Deposit/1st payment- when??

    If I have a tenant moving in on the 1st of the month, when do I take their deposit and first payment? Should I have payment before the move-in date or on the day they go in?

    #2
    I would say the day they move in, but before you hand over the keys. But I'm sure there will be many schools of thought on this, all probably equally valid.
    Any posts by myself are my opinion ONLY. They should never be taken as correct or factual without confirmation from a legal professional. All information is given without prejudice or liability.

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      #3
      Day of move-in seems fair to me, I expected to be told I was being naive by considering this! Thanks Mr Shed.

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        #4
        Its a matter of balance. For me, it is sensible to do this, as it means that in the unlikely case of something happening causing the tenants not moving in or being unable to move in, there are no awkward conversations about monies already paid etc. Equally, others may say it is better to take it earlier, to prevent tenants changing their mind last minute.
        Any posts by myself are my opinion ONLY. They should never be taken as correct or factual without confirmation from a legal professional. All information is given without prejudice or liability.

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          #5
          Before I hand over any keys I expect the first month's rent and deposit to be paid in cleared funds. This usually means a wad of cash being handed over as soon as AST's have been signed and just before the keys are handed over.

          P.P.
          Any information given in this post is based on my personal experience as a landlord, what I have learned from this and other boards and elsewhere. It is not to be relied on. Definitive advice is only available from a Solicitor or other appropriately qualified person.

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            #6
            Its gotta be cold hard cash or a cleared cheque.. never accept cheques on handover day.. if it bounces you're stuck for at least 2 months!

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