Newbie here. Question on timeline for signing lease.

[Michelle Bottorff]

Hello all. I am new here and we are buying our first rental property. I am absorbing all I can and taking notes on the whole application process but have hit a snag. The timeline from when notifying an applicant they are approved and signing of the lease and handing over keys.

In one reference they suggest:

Notify applicant

Review and sign lease as soon as possible requiring 1st month and security deposit then.

Wait 2 weeks, then give keys to move in (to allow payment to clear) and do condition walk through.

In another reference they suggest:

Notify applicant

Require a holding deposit within 48 hrs

Review and sign lease on move in date requiring 1st months rent (holding fee turns into security deposit) l. Do property condition walk through and give keys.

Which is best and why (or some alternate timeline?

Please and thank you!! :)

[Thomas S.]

Cash is preferred to collect FMR and deposit. It makes no difference the process steps as long as you have all their money in your hand and lease signed before they get the keys. Every lease has a start or move in date. Tenants get the keys on that date never in advance.