Notes

Security Deposit and Applications - Should You Accept Cash, Check or Money Order?
If a landlord is looking to rent their investment property, they should always charge a credit card applicatoin fee along with a security deposit. The application fee is collected to pay for the price tag on conducting a tenant background check and a credit assessment. The security deposit is to pay the price of any damages the tenant does to the home. The biggest question that landlords ask is if they ought to accept cash, check or money order for your application fee and also the security deposit.
Cash There is rarely anything wrong with accepting cash for that application fee. There is no downside to cash not being accepted anywhere. This financial resources are non-refundable anyway. Since it really is non-refundable then you definitely need not give them a receipt for that application fee. It is probably not always a bad idea to present the opportunity tenant a receipt anyway to exhibit that you simply received the bucks for the application fee.
I would also recommend which you get the protection deposit in cash also. Since this money is potentially refundable towards the tenant when they move out, I recommend that you just provide the tenant a receipt once you collect the safety deposit. The best receipt books are the pre printed forms that you simply can get at stores like Office Depot. These receipt books have duplicates which permit you to offer the tenant the most notable copy and also you copy from the receipt stays inside 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 alert to this in the event you accept money orders for the security deposit. You will not are aware that it can be fake until after the tenant has moved into the property. Which is worse is the bank charges you which you return check free for the fake money order that you simply deposit in your bank checking account.
Checks I would not accept a check for a credit card applicatoin fee. The reason is that this check may be bad, the check might be stolen, or perhaps the check may bounce. Unfortunately you'll not know this until you present the search for payment from the bank the place that the check was written. Just like a money order, the bank bills you a fee for that returned find out if it's not good. If you accept a check from the application fee then you certainly tied to paying the price of the tenant criminal history check through your pocket plus the fee for that bad check.
Homepage should accept cash only to the application fee along with the security deposit.
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