Security Deposit Due before singing lease (apartments, tenant, rental, fees)
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My girlfriend and I are hoping to move into a 3-bedroom rental in Virginia. We met with a realtor, expressed our interest, and negotiated a rent that we thought was fair. The next step in the process is to fill out the application.
However, the realtor has told us that the security deposit is due with the application (security deposit is one month's rent, or about $2,000). I have only ever rented apartments, but I have never been asked to pay security deposit before signing the lease.
Does this seem odd or different to anyone?
I am just looking for some tips before I try to push back paying the security deposit.
No way in hell I would fork over a security deposit without signing a lease. I have paid a small amount of money to "hold" the aparment, but that was only a few bucks.
Not with the application per-se, but there's no way I would sign a lease with a tenant if the funds weren't in my hand and or check cleared by the bank at that point.
Think of it this way.. once you sign the lease, its DONE and set it in stone. What if your check bounces? Or your promise to bring the money tomorrow never materializes?
The lease is still in effect. So that doesn't seem too outrageous.
§ 55-248.6:1. Application fees.
Any landlord may require an application fee and a separate application deposit. If the
applicant fails to rent the unit for which application was made, from the application
deposit the landlord shall refund to the applicant within 20 days after the applicant's
failure to rent the unit or the landlord's rejection of the application all sums in excess of
the landlord's actual expenses and damages together with an itemized list of said
expenses and damages. If, however, the application deposit was made by cash, certified
check, cashier's check, or postal money order, such refund shall be made within 10 days
of the applicant's failure to rent the unit if the failure to rent is due to the landlord's
rejection of the application. If the landlord fails to comply with this section, the applicant
may recover as damages suffered by him that portion of the application deposit
wrongfully withheld and reasonable attorney fees.
Some typos just get me giggling. I agree with absolutely NOT handing over a security deposit until the lease signing takes place but have to ask, is a singing lease like a singing telegram?
We own a Real Estate brokerage and property management company and have people pay security deposit upon signing the lease which needs to be signed within 24 hrs of being approved or IF they want to wait with signing than we need the security deposit to secure the property otherwise we won't take it off the market.
We own a Real Estate brokerage and property management company and have people pay security deposit upon signing the lease which needs to be signed within 24 hrs of being approved or IF they want to wait with signing than we need the security deposit to secure the property otherwise we won't take it off the market.
That makes absolute sense and is what everyone else is saying. That the OP is being told he has to pay a huge security deposit with the application (in other words before approval) isn't standard procedure.
That makes absolute sense and is what everyone else is saying. That the OP is being told he has to pay a huge security deposit with the application (in other words before approval) isn't standard procedure.
At least they are honest about it, and the rest is for the other person to walk away from or to pay...I would say that the person who is willing to pay that prior to reading over the lease is stupid...but that is JMO.
You should not have to pay anything w/ your application other than their app fee. We require the applicant to come in within 24 hours with their deposit when they've been approved, and 99% of the time have the lease ready for them. We don't stop showing or advertising a property until we get the deposit so if they want it, sure they have to come in w/ the money.
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