Accepting a lease agreement

[Tom Coakley]

Need some help with my first investment property lease agreement. I have been showing the property and as of yesterday have someone who expressed interest in signing a lease. I sent the lease last night and haven’t heard back (an acceptable applicant, but not the strongest). I have other people looking to see the property today. If I show the house today and they ask for, and complete, a lease before the current applicant-then what? Who do I move forward with?

Thanks,

Tom

[Patricia Steiner]

Did you sign the lease before submitting it to the prospective tenants?  If not, you can continue showing and move forward with the next interested party.  

If you signed it and all that is needed is the tenants' signatures and deposit, please know that as soon as they sign, you will have a binding contract and be obligated.  You can send an Addendum to the Lease stating that the offer is good for 24 hours only - with that document signed by you.  

I never sign a lease before the tenant signs and provides the deposit and first month's rent.  I also stipulate that "time is of the essence" and that until executed by both parties with consideration made, I will continue to show the property.

Congratulations on your first of what I'm sure will be many more rental properties.