Accept Rent Payment?
Current tenant is leaving property - this is good.
To pay balance due ($X), he received a check from a family member. Check is in my name but for a much larger amount than is due to me.
My concern is that if I accept check, even if I give money back, it would imply accepting tenant stay at property for additional time.
Tenant suggests that I co-sign check so he can cash it, and he pays me cash for the balance due me ($X) and takes the rest. He is willing to provide in writing that only ($X) was paid as rent.
Should I wait and get a check or cash for the right amount, which will take another week since money is from another person? Or take up his offer?
THANKS
Take the check and deposit it, but don't give the balance back for 10 days or until you know the check is going to clear. Write on the reciept that you owe a refund in the amount of X that will be paid in 10 days.
Make a photocopy of the check before you deposit it. After you think it has gone through the other bank, call the other bank to verify that yes, it has cleared. Wait an additional 24 hours (banks have the ability to do a 'late return') After that time, you can give cash
Just my 2 cents
Oddly enough the concern about the rubber check, while valid, is not where I would worry first. You say the tenant is leaving and you want him gone. When is he leaving? Are you evicting him for late rent or is he leaving voluntarily? Will accepting this check affect yoru eviction case? Will it create the impression that it is ok for him to stay?