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Old 07-29-2010, 07:51 AM
 
12 posts, read 25,309 times
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Can anyone tell me how much a landlord can legally request up front when signing a rental agreement? I was told yesterday a landlord wanted over $13000 up front for a house that rents for $2300 a month. Is this true , possible. Legal? How , if it is true, can this be justified?
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Old 07-29-2010, 08:29 AM
 
Location: Tampa Bay Area Florida
7,937 posts, read 20,391,715 times
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Unfortunately this is true..we have been looking as well and people are asking for crazy amounts of deposits...the rents aren't nuts but the deposits are...when we rented in West Boca we gave 3 months up front..We had one that wanted 1 yr of rent in the bank and 10k up front...Although the Norm is 3-4 months up front for 1st last security and an extra month...Sorry but from what we were told the Landlord on a private residence can determine the amount u pay for deposits...good luck this is why we wound up in a Townhome/Villa complex for now but we are actively looking...
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Old 07-29-2010, 01:12 PM
 
114 posts, read 449,559 times
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Run away. At most, you should pay 2 months plus security up front. Otherwise, the LL is likely not paying his mortgage and/or HOA dues and the bank will be knocking on the door soon. You will have paid all that $$ to the LL, he will be gone, and you will be out on the street and your $$ gone.
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Old 07-29-2010, 04:53 PM
 
Location: Palm Beach County
1,708 posts, read 4,401,837 times
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Yeah, that seems really steep. I guess if your credit is bad they may ask for more, but f,l,s is usually the norm. Maybe Boca's a little different, but I've never seen more than that asked for elsewhere.
As Bobstar mentioned I'd be concerned about their financial standing in the house as well if they are asking for that much down.
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Old 07-29-2010, 05:03 PM
 
Location: Tampa Bay Area Florida
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My friends are looking in Jupiter and they are only asking for 1 month rent 1 month sec...
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Old 07-30-2010, 08:41 AM
 
Location: Boston MA, by way of NYC
2,764 posts, read 6,771,599 times
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That is the norm to me - 1st month and security - I don't like the idea of 3 months up front - you deplete your savings for a friggin apartment - wth - the good thing now is though that the banks (I believe) have to honor the lease of the tenant and can not move to sell the home (if being foreclosed on) unless the seller accepts the tennents lease. - that part to me is good - I have to tell you it is soooooooo much harder to get an apartment here than in NYC - was it always this way?
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Old 07-30-2010, 09:25 AM
 
Location: Tampa Bay Area Florida
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No I think because of the economy and so many people loosing their homes and Jobs etc people are very skeptical however this economy affected so many people and lets face it everyone needs a place to live so it really is a catch 22..
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Old 07-30-2010, 11:00 AM
 
Location: Boston MA, by way of NYC
2,764 posts, read 6,771,599 times
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Quote:
Originally Posted by Swimmom32 View Post
No I think because of the economy and so many people loosing their homes and Jobs etc people are very skeptical however this economy affected so many people and lets face it everyone needs a place to live so it really is a catch 22..

It is a Catch 22 but asking someone who can't pay their 3K dollar mortgage to give them 6900 dollars is just retarded to me. I think being reasonable should be a requirement but things here are so shady - NYC has nothing on the shadiness occuring here. IMO.
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Old 07-30-2010, 11:10 AM
 
Location: where my heart is
5,643 posts, read 9,670,035 times
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Default 3 months is becoming the norm

Quote:
Originally Posted by Chelsa1075 View Post
It is a Catch 22 but asking someone who can't pay their 3K dollar mortgage to give them 6900 dollars is just retarded to me. I think being reasonable should be a requirement but things here are so shady - NYC has nothing on the shadiness occuring here. IMO.
that is what daughter has found on LI. Here, for a snowbird rental they can be asked for all of the money for their stay up front. That really can add up to thousands and thousands of dollars. We rented out our condo from January through 2nd week of April and they gave us all of the money (certified check) before they came down.
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Old 07-30-2010, 11:45 AM
 
Location: Tampa Bay Area Florida
7,937 posts, read 20,391,715 times
Reputation: 2027
Quote:
Originally Posted by Chelsa1075 View Post
It is a Catch 22 but asking someone who can't pay their 3K dollar mortgage to give them 6900 dollars is just retarded to me. I think being reasonable should be a requirement but things here are so shady - NYC has nothing on the shadiness occuring here. IMO.
I agree with you Chels but again I know we have bought time and time again in a high market would never do that again, however I can see how they can do it or need to do it if they cant sell..Lets face it who wants to pay that much? but there are people that can and people that will...even in NJ my friend said they always asked for 1st and last that month..or 1st and Security here they are asking for 1st Security and last...trust me we dont like it but it is what it is nothing we can do...it Sucks..lol
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