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Updated almost 3 years ago on . Most recent reply

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Ricky Stafford
  • Newland, NC
8
Votes |
36
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Hypothetical - tenant signs lease but never pays

Ricky Stafford
  • Newland, NC
Posted

What if tenant signs lease, the lease says first month’s rent is due at signing, and tenant ends up paying at the last minute, or does not pay at all?

Let’s say the wording on the lease says “First month’s Monthly Rent is due on upon executing this Lease”.

In general, what is the grace period for “due upon executing this lease”? Is the lease automatically void if it’s not paid on the same day or legally what would happen? If they didn’t pay at all would they still have legal right to move in? I’m assuming not.

If they end up paying last minute that’s a bit of a warning sign to me and I almost would just want to avoid it all together.

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John Underwood
#1 Short-Term & Vacation Rental Discussions Contributor
  • Investor
  • Greer, SC
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John Underwood
#1 Short-Term & Vacation Rental Discussions Contributor
  • Investor
  • Greer, SC
Replied

They don't get the keys until all move in money is paid. That includes security deposit. 

  • John Underwood
  • Loading replies...