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post dated checks

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post dated checks

Postby platini84 » Wed Jan 17, 2007 11:32 pm

Hello,

I am about to sign a 1 year lease and the landlord is asking for first month, security deposit and 11 post dated checks for each monthly rent until the end of the lease. I can see why he is doing that but I can't help thinking there is something sketchy about it. What if I have to move after 6 months for professional reason? I feel like he is holding my money hostage.

Is this normal practice from LL? Should there be a specific clause in the lease that speaks to this and protects me.

Thanks for your help
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Postby TenantNet » Wed Jan 17, 2007 11:36 pm

Another day, another LL scam. Don't do it. You'll be sorry.
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Postby Aubergine » Thu Jan 18, 2007 9:18 am

If no rent regulations apply, the lease could require payment of the entire year's rent in advance, but in that case, the tenant would want to have provisions requiring the LL to mitigate any damages from early termination by the tenant, among other things, as well as a significant rent concession. I agree that the post-dated check idea sounds risky.
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Postby cestmoi123 » Thu Jan 18, 2007 9:34 am

Remember, the post-dating means almost nothing. The vast majority of the time, banks will cash the checks, regardless of the date on them.
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Postby queensborough » Thu Jan 18, 2007 9:48 am

I've heard of LL's asking for 6 months rent to be paid in full, but I've never heard of the post dated check thing. I wouldn't do it, too risky.
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Postby platini84 » Thu Jan 18, 2007 5:04 pm

ok, so I suggested to my LL a couple of alternative options such as online bill payment or even wire transfer but he insisted on post dated checks claiming that's what all the other tenants are doing.

My bank actually came up with a decent solution: create a new checking account. Give LL post dated checks from that new account. Set up a recurring transfer before 1st of each monch between the new account and any current account. This will ensure that LL won't deplete your main account(s) when he wants to by cashing a post dated check prior to the actual date. I also feel that it gives me a bit more control over the situation.
If for some reason I want to break my lease earlier and LL doesn't want to give the checks back I can cancel the checks and/or cancel the account as long as I provide valid reasons to the bank.
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Postby Cranky Tenant » Thu Jan 18, 2007 5:18 pm

Of course the downside to setting up a separate account is that you may have to pay extra fees for that account, and if the LL does try to cash the checks early, you could get hit with bounced check fees.
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Postby TenantNet » Thu Jan 18, 2007 7:00 pm

If this LL is doing this, guaranteed he will try something else. I'd look for a different place.
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Postby Cranky Tenant » Thu Jan 18, 2007 7:11 pm

TenantNet wrote:If this LL is doing this, guaranteed he will try something else. I'd look for a different place.


Agreed! What guaantee does the OP have that this guy is the legitimate landlord and that he'll continue to be entitled to any rent for the next year?
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Postby JJ's » Fri Jan 19, 2007 6:01 am

just to add to the chorus: don't give them postdated checks, chances are they will try to pull a fast one. Banks indeed cash checks without taking into consideration the date - it happened to me just recently. If you really like the place and you want peace of mind it is worth (in my opinion) the extra whatever fees for the checking acct (how much can they be).
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