mcfaddenpalmer07

If a landlord is looking to rent their investment property, they must always charge a credit application fee as well as a security deposit. The application fee is collected to pay for the cost of conducting a tenant criminal record check and a appraisal of creditworthiness. The security deposit is to pay the expense of any damages that the tenant does to the home. The biggest question that landlords ask is whether or not they should accept cash, check or money order for your application fee and the security deposit. Cash There is not anything wrong with accepting cash to the application fee. There is property management balwyn with cash not being accepted anywhere. This financial resources are non-refundable anyway. Since it really is non-refundable then you don't have to let them have a receipt for that application fee. It is probably not a bad idea to provide the opportunity tenant a receipt anyway to exhibit that you received the amount of money for the application fee. I would also recommend which you get the safety deposit in cash also. Since this money is potentially refundable to the tenant when they leave, I recommend which you supply the tenant a receipt once you collect the protection deposit. The best receipt books are the pre printed forms which you can get at stores like Office Depot. These receipt books have duplicates which permit you to provide the tenant the most notable copy so you copy in the receipt stays within your receipt book. Money Order Money orders are universally acceptable. There is a slight chance your tenant might present you with a fake money order. You need to be conscious of this if you accept money orders for that security deposit. You will not know that it is fake until following the tenant has moved into the property. Which is worse is the bank will charge you a return check free for the fake money order that you deposit in your banking account. Checks I wouldn't accept a pay attention to a credit card applicatoin fee. The reason is how the check could be bad, the check could possibly be stolen, or the check may bounce. Unfortunately you'll not know this unless you present the pay attention to payment from the bank in which the check was written. Just like a money order, the lending company charge a fee to the returned see if it can be not good. If you accept a check from your application fee then you bound to paying the price of the tenant criminal history check out of your pocket together with fee for that bad check. Smart landlords would be wise to accept cash only for your application fee and the security deposit.