Notes

Security Deposit and Applications - Should You Accept Cash, Check or Money Order?
If a landlord is looking to rent their investment property, they ought to always charge a software fee plus a security deposit. The application fee is collected to pay for the price of conducting a tenant background check along with a appraisal of creditworthiness. The security deposit is to hide the price tag on any damages how the tenant does to the exact property. The biggest question that landlords ask is if they ought to accept cash, check or money order for that application fee as well as the security deposit.
Cash
There is rarely anything wrong with accepting cash to the application fee. There is no downside to cash not being accepted anywhere. This financial resources are non-refundable anyway. Since it can be non-refundable then you certainly do not need to let them have a receipt to the application fee. It is probably not necessarily a bad idea to present the possibility tenant a receipt anyway to show which you received the cash for that application fee.
I would also recommend that you just get the protection deposit in cash also. Since this financial resources are potentially refundable to the tenant whenever they transfer, I recommend that you simply provide the tenant a receipt whenever 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 give the tenant the superior copy and you copy in the receipt stays within your receipt book.
Money Order
Money orders are universally acceptable. There is a slight chance that the tenant might make available to you a fake money order. You need to be conscious of this in case you accept money orders to the security deposit. You will not realize that it really is fake until following your tenant has moved into your property. Which is worse is that the bank charge which you return check free for that fake money order that you simply deposit to your checking account.
Checks
I would not accept a look for a credit card applicatoin fee. The reason is that this check may be bad, the check could be stolen, or check may bounce. Unfortunately you do not know this and soon you present the search for payment in the bank the place that the check was written. Just like a money order, the financial institution charge a fee for the returned check if it's not good. If you accept a check from your application fee you then saddled with paying the cost of the tenant criminal history check out of your pocket as well as the fee to the bad check.
property manager doncaster must always accept cash only for the application fee as well as the security deposit.
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