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 software fee plus a security deposit. The application fee is collected to hide the cost of conducting a tenant criminal record check as well as a appraisal of creditworthiness. The security deposit is to hide the price tag on any damages that this tenant does to the home. The biggest question that landlords ask is actually they should accept cash, check or money order to the application fee and the security deposit.
Cash
There is not anything wrong with accepting cash for your application fee. There is no trouble with cash not being accepted anywhere. This financial resources are non-refundable anyway. Since it is non-refundable then you certainly don't have to give them a receipt to the application fee. It is probably not always a bad idea to give the potential tenant a receipt anyway to exhibit which you received the money to the application fee.
I would also recommend which you get the safety deposit in cash also. Since this financial resources are potentially refundable for the tenant once they leave, I recommend that you just provide tenant a receipt when you collect the protection deposit. The best receipt books include the pre printed forms that you can get at stores like Office Depot. property management Brunswick have duplicates which allow you to present the tenant the top copy and you copy with the receipt stays within your receipt book.
Money Order
Money orders are universally acceptable. There is a slight chance that your tenant might give you a fake money order. You need to be alert to this if you accept money orders to the security deposit. You will not understand that it is fake until after the tenant has moved to your property. Which is worse is that this bank charges you that you simply return check free for the fake money order that you just deposit into your banking account.
Checks
I would never accept a pay attention to a credit application fee. The reason is that the check could possibly be bad, the check might be stolen, or check may bounce. Unfortunately you will not know this unless you present the search for payment from the bank the location where the check was written. Just like a money order, the lending company charge that you simply fee for that returned check if it really is not good. If you accept a check from your application fee you then tied to paying the cost of the tenant criminal record check from the pocket in addition to the fee for your bad check.
Smart landlords would be wise to accept cash only for your application fee and the security deposit.
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