Signing a lease a month in advance, what do you collect?

[Christian Bors]

On Tuesday, I am having my newly accepted tenant sign a lease starting 10/1.  Since the lease won't begin until October, what should I expect as far as collecting first month's and security deposit.  We agreed to a 1.5 months security deposit which they are bringing.  Do you also require first months rent even though the lease doesn't begin for another month?  I have not yet responded to the request of signing the lease on Tuesday, so I can respond to the tenant telling them what to bring.

Thanks in advance.

[Bryan O.]

@Christian Bors

I do not allow signing a lease that early. You are inviting trouble that way. I create a binder contract and collect consideration money to hold the property for them. That way, if they get cold feet I keep the money, which is more than the lost rent for holding it, and I don't have to worry about a professional tenant saying that I have to evict them, I held keys, and so on. When it is actually time to get them in, then we sign the lease, do the walk through, and provide keys.