Renter "between jobs" offers to pay entire year rent up front

[Keaton Labby]

Hi Everyone, 

I have a few tenant applications and one of them is offering to pay the full 12-month lease's rent up front with the security deposit. After the screening process the background check, eviction report, and credit report all came back clean with no issues. She just currently doesn't have a job due to moving from out of state. 

My questions/concerns:

1) What are the legal implications/obligations with a full year of prepaid rent in Texas? I can't seem to find any Texas statutes regarding the proper treatment. 

2) What are some proven methods of handling this situation, assuming it is legally sound? Holding the prepaid rent in an escrow account? Keeping it in a checking account? I am ignorant on this topic as a landlord.

3) Are there other concerns that I am missing/unaware of? 

I appreciate any and all comments. 

[Michael Haas]

This happens in our market too - usually with Retirees or other folks that have wealth, but not much income. Looks like from other's comments that the legal ramifications are mostly edge-cases. Take the money and security of a sure thing!