Deposit/last month rent

[thinktwice]

Another question since you were so good at the last one.

Although it is stipulated in the standard lease agreement can one use their deposit (one month) as last month rent without major ramifications?

If not how does one go about floating all that cash when moving from one property to the next?

[SD Realtor]

It all really depends on your rental agreement. In my rental agreements, (those I draw up for my tenants) and the one I am currently under as a tenant, rent is due at the beginning of each rental period (each month) in my cases. The deposit is not to be used as a substitute as rent. Not paying rent in a timely manner can lead to additional charges. Your lease may vary.

There are several formal steps you should follow if you intend on moving out including giving your landlord written notification of intent to leave, doing a final walkthrough with your landlord in order to preserve as much of your deposit as possible. After you leave your should make sure your landlord delivers any and all documentation associated with any repairs that were made due to your tenancy. The deposit (less landlord expenses) shall be returned in a timely manner. Unfortunately you will be at a shortfall until the deposit is returned.

SD Realtor

[SD Realtor]

It all really depends on your rental agreement. In my rental agreements, (those I draw up for my tenants) and the one I am currently under as a tenant, rent is due at the beginning of each rental period (each month) in my cases. The deposit is not to be used as a substitute as rent. Not paying rent in a timely manner can lead to additional charges. Your lease may vary.

There are several formal steps you should follow if you intend on moving out including giving your landlord written notification of intent to leave, doing a final walkthrough with your landlord in order to preserve as much of your deposit as possible. After you leave your should make sure your landlord delivers any and all documentation associated with any repairs that were made due to your tenancy. The deposit (less landlord expenses) shall be returned in a timely manner. Unfortunately you will be at a shortfall until the deposit is returned.

SD Realtor

[thinktwice]

Yeah my lease says that, however, I have talked to few realtor friends and they have stated that people do it all the time. Not ethical but done and very little the homeowner can do to prevent it other than the standard 6% late fee. Right?

[thinktwice]

Yeah my lease says that, however, I have talked to few realtor friends and they have stated that people do it all the time. Not ethical but done and very little the homeowner can do to prevent it other than the standard 6% late fee. Right?

[SD Realtor]

It all depends on the landlord. Yes in your case it is not alot of money that we are talking about. In your eyes this seems trivial. In the eyes of your landlord it may or may not.

Make no mistake about it, many of the new landlords or property managers you submit applications most likely call your current landlord to check on how things went while you rented. Also the every contract (lease agreement) has their own late fee structure. I am not so sure there is really a standard. For my own rentals the late fee is more then 6%.

As a realtor, I would never advise anyone to violate terms of any contract that they are in.

SD Realtor

[SD Realtor]

It all depends on the landlord. Yes in your case it is not alot of money that we are talking about. In your eyes this seems trivial. In the eyes of your landlord it may or may not.

Make no mistake about it, many of the new landlords or property managers you submit applications most likely call your current landlord to check on how things went while you rented. Also the every contract (lease agreement) has their own late fee structure. I am not so sure there is really a standard. For my own rentals the late fee is more then 6%.

As a realtor, I would never advise anyone to violate terms of any contract that they are in.

SD Realtor

[thinktwice]

Thanks for all your advice. My case has been resolved amicably and I’m not moving.
One final note $4200 is as lot of money in my book. If it isn’t in yours I want to learn everything I can about what you do.

[thinktwice]

Thanks for all your advice. My case has been resolved amicably and I’m not moving.
One final note $4200 is as lot of money in my book. If it isn’t in yours I want to learn everything I can about what you do.

[thinktwice]

Thanks for all your advice. My case has been resolved amicably and I’m not moving.
One final note $4200 is as lot of money in my book. If it isn’t in yours I want to learn everything I can about what you do.

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