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cinderfella | I am suspose to close on a house during the week of december should I still pay rent to my landlord or not? |
I am going to be moving in december and will just let the landlord have the security deposit as a form of rent for december, and I going to jeopardize my chance to close on the house if I dont pay this extra rent? |
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rainbowmatrixs
 |
Talk with your land lord...........and your conscience. |
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acermill
|
Yes, you MIGHT jeopardize your home mortgage loan. Many lenders make a last minute credit check on your credit file to insure that nothing has changed since you were first approved. If they happen to find that you didn't pay your rent and it's in your credit file, how will THAT look to the potential lender?
I have seen more than one occasion where a last minute denial was issued based upon some silly move like you are considering. |
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arklatexrat
 |
You owe the landlord through the end of the month in which you move, unless you have worked out other arrangements. If your security deposit is enough to cover the monthly rent, and IF your leasehold will pass the inspection entitling you to a refund of the security deposit, waiving that refund might satisfy your rent obligation. It sounds like you are just going to leave without notice? If your lease is not up, and you are not on a month-to--month lease, you may owe additional months rent until the term of the lease is up.
In any case, you need to contact the landlord to arrange a walk-through and determine what your final lease settlement will be.
I think what you are asking is whether or not any adverse credit information would be put on your credit report prior to closing--they have most likely already done the credit checks. However, if you are on variable rate loan, the information will eventually catch up with you and may affect your interest rate, or your future ability to borrow money for other things. I don't recommend that your short your landlord in any way. |
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Mike
|
I am a landlord and I have been one for forty years.
I recommend that you talk to your landlord about your purchase of a home and get the landlord on your side.
Most landlords will be very supportive of you when you are buying your first home.
In my experience my best tenanats have had their goal of home ownership. I know that they are going to buy a home some day. I consider it my obligation that in exchange for being a great tenant, I should help them in any way that I can to get their new home.
One thing that I receive from potential lenders when I have a tenant who is applying for a mortgage, is a letter and often a phone call from the prospective lender asking about the history of the tenant, particularly about the tenant's history of paying the rent on time.
My recommendation is that you not do anything that could possibly jeopardize the willingness of your landlord to give you a perfect history of paying your rent on time. That is particularly important is the current environment where lenders have really tightened up on their underwriting guidelines.
Congratulations on your new home!!!!!! |
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mrrtt4851
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By law you are obligated to pay the rent.....make sure though that you leave the apartment clean and take pictures of all the rooms before you go. Also have a walk thru inspection with your Land Lord and get a written statement on his findings. If for some reason he is going to claim damages you have your pic for the courts( should you end up there)
Now for any first time renters make sure you take pics before you move in( look for anthing damaged or in need of repairs) then take pics again when you are leaving >>>>just in case you end up in court, but please take care of peoples property it is only yours temperarily. |
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senior2006
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I would pay the rent by prorate, meaning pay for each day staying at the old place. because my sister was suppose to close on a house November 10 and did not pay her rent or her portion of the bill and the closing did not go through and now she has to pay double for the month of October that she did not pay and for the month of November. With the house market you cant be too sure. Things happen. Good Luck. |
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steyr
 |
Well it depends on when in December you will be moving.
Talk with your landlord and maybe you and him/her can work out a deal or he/she will also agree that all they need is just the security deposit, leave on good standings with your landlord whatever the case, then there is no worry about anything. |
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!!!
|
The terms of your lease also include landlord notification if you terminate the lease.
Your lease papers will indicate if the security deposit can be used for the last month's rent.
When the lender does your credit report or calls the landlord at the last second before settlement do really want the landlord to tell the lender about you not paying the last month's rent if it was due? |
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src50
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You should abide by the terms of your lease. If renting month-to-month, you should provide 30 days' notice. |
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Searchlight Crusade
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Before your loan is approved, the lender is going to perform a Verification of Rent (VOR). They may or may not double check this at the funding level. In either case, you don't want it to bite you.
The security deposit is not meant for unpaid rent - it's meant for necessary repairs to the property you're renting. If you haven't paid your rent, the deposit can be used for that, but that is not the intent. You're going to have to pay any overage, anyway.
And in the meantime, the rent has not been paid. Furthermore, in some cases the loan does not close precisely on schedule, and it's never guaranteed until the whole thing records. How would you like to get hit with a 3 day notice to pay or quit (and have a newly hostile landlord) right after your loan person tells you it's going to be another week? Or worse, that there's a problem that's going to shoot this whole loan down.
Pay what is owed, when it is owed. You have fewer problems that way, because you haven't set yourself up for any extra ones.
btw, have you given notice? Oh, and it *never* hurts to talk to the landlord or property manager about what's going on. |
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reenzz
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It's not "extra rent". If you live there during any portion of December and are a month to month tenant...you need to pay the full amount due. If you fail to give proper notice by December first....the landlord can sue you for the month of January also. An NO NO NO....not a single state allows you to use your security deposit for last months rent. Check your local laws...you can't make up the rules yourself... you may find yourself in court for screwing over the landlord and paying a lot more that you would of if you followed the laws. |
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Terry S
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First "letting the landlord have the security deposit" is NOT paying the rent.
The landlord is to return the security deposit to you.
Give the landlord 30 days notice.
Then pay the rent for 30 days.
It's important to have PROOF you gave the 30 day notice. Send it certified mail with return receipt.
Put on your check "Final Rent Payment"
If you "Assume" the landlord will accept your security deposit as final month's payment and he does not, he could go after you for unpaid rent.
And also keep your security deposit for moving out early I.E. NOT giving a 30 day notice you are moving.
People who move out without notice and assume the security deposit will cover any back rent are surprised to see their credit ruined or find themselves in a lawsuit (which they lose) because they did not give proper notice according to the lease agreement.
Hope this helps.
Terry S
http://www.Welcome2Arizona.com |
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stvc1961
 |
a security deposit is for any damage you may have done to the property or to clean any left over mess you may leave behind if these things arent an issue the landlord most likely will be ok with it .Why not ask him to come in look around and see if he's ok with it? i always find honesty to be the best policy! |
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Weimaraner Mom
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Talk to the LL. I'm assuming you've given him the required 30 day notice to vacate? If you've done that and you're vacating in the middle of December then ask if he can pro-rate your rent for December rather than charging you for the full month. Most LL's do not like to use security Deposits to cover rent and most won't as that's not what it's used for. Most people just assume that LL's will do that however, there are strict guidelines ruling LL's on how SD are handled and applying them to your last months rent is not one of them. A SD is used for damages and applying to any outstanding rent balance owed upon move out. However, if your outstanding balance is more than what the SD will cover it leaves the LL with no money to apply to any damages that were caused by you upon move out (if there are any). The LL can therefore go and turn your account over to collections to recover his money and/or place a judgement lien on your credit, which will eventually screw your credit up big time.
Try to get it pro-rated if possible, make sure you do a final walk thru with the LL upon move out and try to recover all of your SD back rather than leaving it to the LL to apply your security deposit to your outstanding balance. You can always ask your LL if he'll even do that, but you need to ask him not us.
It won't jeopardize your closing but if not done correctly could jeopardize any future loans or lines of credit. |
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