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Do you have to pay first and last months rent plus a security deposit to rent a home?
Wiki User
∙ 15y ago
Usually, but it's up to the discretion of the landlord. You can possibly negotiate with them if you can convince them that you are trustworthy.
Wiki User
∙ 15y ago
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What does first last and security deposit mean for a rental home?
First and last months security deposit is given so the landlord has a means of repairing any damage you might do to the house. It encourages the renter to take care of the property in order to get their deposit back.
Is renting a home for the first time hard to do?
Renting a first home may be difficult if you have bad credit and/or no references. If you are able to put up a substantial security deposit it should be a much easier process.
When you pay first and last security deposit on a rental home and you stayed there for your first month do you owe after the first 30 days or do you start paying on the second month you just don't get?
Normally you start paying the rent after 30 days. The landlord keeps the "last" months rent as a security deposit until you move out. In some states, you can use this as the final month's rent on your lease (usually the 12th month.) If you renew your lease the landlord will keep it until your final 30 days. . . that's why it's called the "last" month's rent.
Are you entitled to your security deposit if your home is in a fire and is not in living condition?
Yes, unless you caused the fire.
Can a landlord ask for first and last month rent plus security?
It depends on the jurisdiction. Your best bet is to check with a local legal aid or tenant's rights organization to see if it's allowed in your particular location. In some places, the situation you've mentioned is perfectly fine; in others, anything above the first month's rent is considered a security deposit (regardless of what the rental agreement calls It) and is subject to restrictions on "reasonable" security deposit amounts. In practice, it may not matter much. California, for example, allows landlords renting an unfurnished property to collect a security deposit of two months' rent, but not more than that, no matter what it's called: security deposit, last month's rent, pet deposit, key fee, cleaning fee, all of these are regarded by the state as a security deposit and cannot total more than two months' rent (with the exception that the landlord may charge a "screening fee"; the amount may not be more than the landlord's actual out-of-pocket expenses, such as obtaining a credit report, and is subject to a statutory maximum dollar limit as well -- this is NOT part of the security deposit). So, that puts you on the hook for about $50, plus first month's rent, plus two months' rent equivalent as a security deposit, maximum; a total of just over 3 months' rent. In contrast, Massachusetts allows landlords to collect first month's rent, last month's rent, and a security deposit and treats them all separately ... but limits the security deposit to one month's rent instead. So you'd still have to come up with three months' rent (plus the cost of a new lock and key, which MA law also explicitly allows) to move in, it would just be broken down slightly differently.
How do you decide how much to charge for a security deposit on a 12 month long term lease on a home worth 340000 rent 1800 per month?
Most states have a statute which limits the amount of a security deposit, usually to one month's rent.
What are the legal requirements to rent a home in the state of Virginia?
The legal requirements to rent a home in the state of Virginia will include having the money to pay the rent as well as giving written notice in a timely manner before moving out. Individual landlords will have different rules for renting.
What are the requirements to qualify for an FHA home loan?
"Requirements for an FHA home loan vary depending on what kind of loan you are applying for. If you are applying for a re-structuring loan, you need to own a home. If you are applying for a first mortgage, you need good credit, a deposit and a social security number."
Do we have to make a down payment for a rent house?
You usually will need to make a down payment if you are buying a rental home & either taking out a loan from a bank or other lender, or working with the owner to finance for you. If you are renting a home, as opposed to buying a home to rent out, then you will need what is called a security deposit, which is usually the equivalent of three months worth of rent payments.
What is the process of renting a home these days?
The process of renting a home will vary depending on the landlord, whether the home is listed with a realtor and other factors. In general, the landlord will advertise the home for rent. The prospective tenants either contact the landlord or property manager directly for a showing or go through a realtor. There may be an application, background check, reference checks, a credit check and/or an employment check. The tenant typically pays a security deposit, pet deposit if applicable, and up to two months in rent before signing the lease.
How do you split a security deposit If a married couple with one child and one other adult occupant are renting a home how should you split the security deposit 3 or 4 ways?
Unless the child has a job, I would say 3 ways. It should only be split between tax paying adults.
Can landlord deduct from security deposit because a personal belongings were left in the home after lease expiration?
In a situation like this, this depends on what the lease says the landlord can deduct from the security deposit. Most landlords will charge a fee for cleaning the unit after the tenant leaves, unless the unit is cleaned by the tenant, to the satisfaction of landlord.
