 Prepaid rent (by Wilma [PA]) Nov 29, 2012 6:39 PM
 Prepaid rent (by ll [AZ]) Nov 29, 2012 7:32 PM
Prepaid rent (by S i d [MO]) Nov 29, 2012 8:00 PM
Prepaid rent (by Wilma [PA]) Nov 30, 2012 4:48 AM
Prepaid rent (by V [OH]) Dec 2, 2012 12:00 PM
Prepaid rent (by Wilma [PA]) Dec 2, 2012 1:23 PM
Prepaid rent (by Wilma [PA]) Posted on: Nov 29, 2012 6:39 PM
Message:
State Specific Question About: PENNSYLVANIA (PA)
Can a PA landlord accept several months of prepaid rent? Or is prepaid rent considered a "deposit" in PA, and subject to the rule that it can't exceed the equivalent of two months' worth of rent?
It seems to me that it is a common practice for PA landlords in college towns to collect several months of prepaid rent, but perhaps I'm wrong. Thanks for any help!
--71.175.xxx.xxx |
Prepaid rent (by ll [AZ]) Posted on: Nov 29, 2012 7:32 PM
Message:
It's all subjective. College students often pay a semester or year ahead. When we rent our beach house they pay for the whole summer in advance.
But for a "normal" yearly rental it can be a red flag. Why do they want to pay ahead? Though it seems to be waning somewhat meth labs and pot growers seem to like to pay ahead to avoid contact with the landlord. --24.121.xxx.xxx |
Prepaid rent (by S i d [MO]) Posted on: Nov 29, 2012 8:00 PM
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How about setting up an escrow account for the amount the tenant wants to prepay, with a monthly disbursement schedule to you, and that the tenant cannot withdraw from? For example, if prepaid amount = three months rent, escrow agent would issue three checks of equal amount on the 1st of each month...DEC, JAN, FEB. I bet your bank or local closing Co. could set this up for a nominal fee, which of course tenant would be responsible for. --108.250.xxx.xxx |
Prepaid rent (by Wilma [PA]) Posted on: Nov 30, 2012 4:48 AM
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LL, They didn't ask - we are considering it because a divorce-related refi process is not complete, meaning the prospect is not cleared of responsibility for a mortgage yet. Only has a verbal agreement with spouse, which means little, although he is currently making payments. Divorce and refi not final for a few months. Prepay would carry us/prospect through the winter months. Lease term would end with number of months prepaid, go MTM.
Sid - that's what we're thinking, just need clarification on PA law. I'll bet that proofstyle knows! --71.175.xxx.xxx |
Prepaid rent (by V [OH]) Posted on: Dec 2, 2012 12:00 PM
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The idea is to place the prepay into escrow account only you can withdraw monthly from, keeping this record shows the monthly payment to your rent bank - this is not a deposit. --64.134.xxx.xxx |
Prepaid rent (by Wilma [PA]) Posted on: Dec 2, 2012 1:23 PM
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Thanks, V. I'm now just waiting to see if she goes for it. If she does, I can set it up at the bank branch that she uses - transfer directly, no need to wait for a check to clear. --71.175.xxx.xxx |
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