We are college students and we want this house, but we are wary of this. We are in Massachusetts...are there any laws governing this? Is this practice common or not. We are wary about this situation.
2007-04-01 15:24:54 · 7 answers · asked by Mark 2 in Business & Finance ➔ Renting & Real Estate
When I managed apartments I had tenants pay their deposit at the lease signing. It was the policy of the management company to get that deposit in the form of a cashier's check. If you are paying by personal check, the landlord might be asking for it in advance to make sure it clears, but normally you'd pay that deposit at the time you sign the lease.
2007-04-01 16:35:55 · answer #1 · answered by Anonymous · 0⤊ 0⤋
It's normal to pay a HOLDING deposit and application fees when you turn in your applications. Why? Because they are taking the property "off the market" for you.
You should receive a written agreement CLEARLY stating the amount of the deposit, what it will be applied/transferred to (usually the security deposit) if you are approved, and how many days you have to rescind your application if you decide you do not want to move there.
If you like the house, go for it. Just do not hand over any money without the above information in writing.
2007-04-02 05:22:21 · answer #2 · answered by LF_Family 2 · 1⤊ 0⤋
Here in Calif, it's normal to pay the deposit, and then the landlord will give you the key on a certain day, and then you move in....Usually them wanting a deposit means that they want you as a tenant, and want to make sure you have the means to pay them the deposit. They can't take a deposit and run if that's what your worried about, get a receipt from the landlord, usually you will sign the contract when you give the deposit, stating your moving in on such and such date.
2007-04-01 15:37:00 · answer #3 · answered by K_Seeks4Answers 3 · 1⤊ 0⤋
Pay the deposit then sighn the lease,move in
2007-04-01 15:32:40 · answer #4 · answered by motergradersam 2 · 0⤊ 0⤋
How much is he asking for?
I've seen landlords ask for $50-$100 application fee. This covers their costs for running credit checks and potentially wasting their time.
More than that? I wouldn't pay unless everywhere is charging it and you cannot get out of it.
2007-04-01 15:32:02 · answer #5 · answered by Gem 7 · 0⤊ 0⤋
Tell him he will receive the deposit after everthing is legal and signed do it all the same day and get the keys that day.
2007-04-01 15:31:23 · answer #6 · answered by Anonymous · 0⤊ 0⤋
PAY DEPOSIT WHEN LEASE IS SIGNED AND NOT BEFORE.
2007-04-01 16:20:53 · answer #7 · answered by cork 7 · 0⤊ 0⤋