Is a cashiers check safe to give to LL? (lease, tenants, rental)
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Early this month we looked at a house for rent and sent a personal check to the broker (they cashed already) for the security deposit long with the signed lease. We were told we could have the keys before the 15th of the month but due to repairs we are just getting it at the end of the month (tommorow) but now the LL wants us to bring a cashiers check instead of personal check made out to the LL and not the broker. Is this normal? Considering they already have our security deposit and cashed it, why would they insist on a cashiers check? And if this is normal, should i demand a receipt if one is not presented at the time of handing it over?
Also instead of sending a signed lease back to us in the mail, we recieved a copy signed by the LL. Thats a copy of the lease the LL signed so no real pen ink.
Before you do anything, you need to get a properly signed copy of the lease. It doesn't have to have your original signature (because that's in the possession of the broker/LL), but you DO need the original signature of the LL.
As for the cashier's check, I'd contact the broker to see what's going on. And absolutely, positively insist upon a receipt. Additionally, if you incur any costs for getting a cashier's check, ask if the LL is going to pay that fee or if you should deduct it from the next month's rent.
The only problem I would have with giving the LL a cashier's cheque on a regular basis is that although for the LL it's added security, it's going to cost you more (and a personal trip to the bank to get it) than a regular cheque from your account. I'd talk to the LL and tell him that although you don't mind doing it this one time, you'd prefer not to have to do it on a regular basis as the process will cost you additional time and money. It would be cheaper and more expedient if (presuming he's not comfortable accepting your personal cheque - maybe he's been burned at some point) that you arrange to have an electronic transfer of rent funds from your account to his account every month.
As far as paying him the rent, that's fine. The broker he used as agent takes their percentage from your first cheque but if the LL (and not the broker as a property management company) is the one who signed the lease then that's who you pay your rent to. The cashier's cheque is guaranteed by the bank and will be noted on your statement so you don't need a receipt for it from the LL.
Strictly speaking both you and the LL should have an ink-signed copy of the lease. Leases are usually signed at least in duplicate for this reason so that both parties have an "original". I don't think this is a major sticking point but you can certainly bring it up.
...but now the LL wants us to bring a cashiers check instead of personal check
It is a VERY common practice (and many hard learned lessons to support the policy)
for deposits and first rent money to be by means of "guaranteed funds".
Subsequent rent payments are very rarely done that way.
You weren't clear if that was the case.
And yes you absolutely can (should) ask for receipts.
Usually the lease document and house keys are considered to be enough.
Thanks for the responces. We talked to the broker about the cashiers check and was told that only the initial first/last months rent needs to be cashiers check or money order. All other rental payments can be personal check. As far as the signed lease goes, We havent even met the LL yet. We have only dealt with the broker. We did some digging into the broker online and they seem to be a legitimate realtor/broker agency with a website and there physical address seems to be listed in the online phone books so i probably shouldnt be so paranoid. But we havent moved in over 5 years and never had to go through a broker before. I dont know what to say about the lease. The LL probably signed the lease we sent the broker and the broker photo copied it and emailed us one to print out. I suppose as long as we get the key from the broker when we bring the cashiers check we shouldnt worry?
I suppose as long as we get the key from the broker when we bring the cashiers check...
the key AND the fully executed lease with the LL's actual ink signature on it...
and notations that the deposit of $X and the first months rent of $Y has been received.
Also be certain that you have the LL's full name, address, phone, email, etc.
Get this verbally now and run a check on them too.
If the "broker" is actually a property manager their role and the limits of their responsibility
similarly need to be made clear and in writing.
the key AND the fully executed lease with the LL's actual ink signature on it...
and notations that the deposit of $X and the first months rent of $Y has been received.
Also be certain that you have the LL's full name, address, phone, email, etc.
Get this verbally now and run a check on them too.
If the "broker" is actually a property manager their role and the limits of their responsibility
similarly need to be made clear and in writing.
Yeah we looked the LL up and found Legal documents that listed his name and current address as the owner of the home we are renting. I suppose only he can cash the cashiers check if its wrote out to his name?
Early this month we looked at a house for rent and sent a personal check to the broker (they cashed already) for the security deposit long with the signed lease. We were told we could have the keys before the 15th of the month but due to repairs we are just getting it at the end of the month (tommorow) but now the LL wants us to bring a cashiers check instead of personal check made out to the LL and not the broker. Is this normal? Considering they already have our security deposit and cashed it, why would they insist on a cashiers check? And if this is normal, should i demand a receipt if one is not presented at the time of handing it over?
Also instead of sending a signed lease back to us in the mail, we recieved a copy signed by the LL. Thats a copy of the lease the LL signed so no real pen ink.
We always give a copy of the lease and keep the original and I don't see any issue with that and neither did any judge commented on that so that should be fine.
Perhaps they realized that they took a personal check and had enough time for it to clear and now want a cashiers check to avoid issues they might have over looked when they took them.
We never take personal checks until the 2nd month of move in. But one of our employees by accident has taken a personal check and now they all know we won't accept it.
This is to avoid that a check will bounce just as the tenants are moving in.
From a professional point of view I don't see anything wrong doing.
Everything worked out. We are moved in and we met the new LL and his wife and they are nice people. Personally I feel though that LL's in general are getting the better end of the deal when it comes to the possibility of getting screwed over. This move turned out good and our old LL gave us our SD back minus one days rent because we didnt get the key to the new place till the day before the 1st so we were still there on the 1st cleaning up. But in the past we have been screwed out of SD because of our own lack of knowledge and what a LL can get away with.
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