Notes

Security Deposit and Applications - Should You Accept Cash, Check or Money Order?
If a landlord is looking to rent their investment property, they must always charge a credit application fee and a security deposit. The application fee is collected to hide the cost of conducting a tenant criminal background check as well as a credit check. The security deposit is to hide the price tag on any damages the tenant does to the exact property. The biggest question that landlords ask is if they need to accept cash, check or money order for your application fee and also the security deposit.
Cash There is not anything wrong with accepting cash for the application fee. There is no trouble with cash not being accepted anywhere. This money is non-refundable anyway. Since it is non-refundable then you certainly don't have to let them have a receipt for your application fee. It is probably not necessarily a bad idea to provide the opportunity tenant a receipt anyway to exhibit which you received the amount of money for the application fee.
I would also recommend that you just get the protection deposit in cash also. Since this funds are potentially refundable for the tenant once they transfer, I recommend which you supply the tenant a receipt once you collect the safety 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 offer the tenant the very best copy and you also copy from the receipt stays in your receipt book.
Money Order Money orders are universally acceptable. There is a slight chance your tenant might give you a fake money order. You need to be conscious of this in case you accept money orders for your security deposit. You will not understand that it's fake until following the tenant has moved to your property. Which is worse is that the bank charges you that you simply return check free for that fake money order that you just deposit in your bank checking account.
Checks I could not accept a search for a software fee. The reason is that this check may be bad, the check could be stolen, or perhaps the check may bounce. Unfortunately you'll not know this before you present the pay attention to payment through the bank where the check was written. Just like a money order, the lender charge which you fee for your returned check if it really is not go od. If you accept a check in the application fee then you certainly bound to paying the expense of the tenant criminal record check from the pocket as well as the fee for that bad check.
Smart landlords must always accept cash only to the application fee and the security deposit.
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