I have rented out my apartment in NY and requested a 1 month security deposit. The tenent whom wants the unit doesn't want to put down the full security deposit until they are approved and suggested $1,000?
2006-10-28 02:54:38 · 3 answers · asked by Lucious Z 1 in Business & Finance ➔ Renting & Real Estate
Considering that the tenant gets nothing tangible until they can move in, and that the board's decision is totally out of their control, and at least arguably in your control (you could probably persuade them to deny approval if you wanted to), the initial deposit is refundable if the board turns them down.
On the other hand, you're trying to protect yourself from taking the apartment off the market until they meet and decide, and then finding out he doesn't really want it anyway, so you do need something in case that happens.
If you think $1,000 protects you from him walking away after being approved, and he agrees, it's fine.
Just be sure you stick to the deposit you want once it is available to the tenant, before they move in.
2006-10-28 03:08:57 · answer #1 · answered by open4one 7 · 0⤊ 0⤋
My standard deposit (consistent with provincial law in Ontario) is first and last month's rent in advance, payable by certified cheque or in cash. Anything less, and you'll get ripped off. Sounds like a potential deadbeat tenant to me.
2006-10-28 03:02:51 · answer #2 · answered by stevewbcanada 6 · 0⤊ 0⤋
How well do you trust them only you can decide that question
2006-10-28 03:03:56 · answer #3 · answered by norsmen 5 · 0⤊ 0⤋