Last Month Rent
When you collect first mo, last mo and security deposit...What happens if tenant gives you notice to move out near the expiration of the lease and ultimately does not move out. Is it sound business practice to allow the tenant to stay on the last month? I would have to evict if they then refuse to pay and that will defeat the purpose of the last month?
Hey,
Seriously...can anyone get first, last and security deposit from a tenant????
That would be three months rent upfront.
It is customary here (FL) to get 3 months upfront, or at least 2.5
Sometimes I get four months. I am just wondering if I should withold the last month until they move out?
Q. Is that how you get around security deposit restrictions?
A. The last month rent is exactly that...the last months rent. Anything determined to be rent would be used as rent. You should still have the 'Security Deposit' to use if you have to evict them past the move out date.
So, if I pay you 'last mo rent' I would expect that the last mo. that I was there I had already paid the rent.
Right, isn't the purpose of paying the last month's rent up front so that you are covered if you need to move abruptly? If I pay you first and last month's rent in the beginning, I wouldn't expect to pay rent again on the last month. You'd be collecting the rent twice.
[addsig]
The problem is the security deposit will not be enough when and if I do decide to evict. What is the best way to ensure I have two months of their money at ALL times?
Collect a security deposit equal to two months rent.
Also make sure that your collections are permitted by your local landlord tenant law. My state prohibits collecting last month rent in advance, and limits the maximum security deposit to an amount equal to two months rent.
Like the song says - She a-howlin' about the front rent, she'll be lucky to get any back rent!
I have under SECURITY...Tenant pays last month rent plus $600. as security deposit. In the event tenant terminates the lease prior to its expiration date, said amounts are non-refundable as a charge for landlord's trouble in securing a new tenant, but the landlord reserves the right to seek additional damages if they exceed the above amounts...CWal