Proper procedure for executing a lease.

[Willya]

I have negotiated a lease and all terms in the document are acceptable. The landlord's agent want a cashiers check for the rent and security deposit. An amount in excess of $7,500 when I sign the lease, weeks before giving me the keys. I recommended we execute the lease, exchange the keys/rent/security deposit at the same time. The agent is telling me the procedure is to give them a cashiers check when I sign the lease then they get the landlords signature and provide me with the executed document and keys the day prior to move-in in 3 weeks. I don't want to be difficult, but am a bit nervous about giving someone I have never met a large cashiers check and only receiving an unsigned lease in return.

What is the proper procedure here?

 

[jharris352]

I take it the landlord's agent is a Realtor. I would give them a cashier's check in the name of the Landlord or the Agent with a signed lease. The check or funds can be held in the agent's escrow pending the release of the keys and a signed lease. We are only talking $7,500 which I'm sure is a chunk of money to you, but it's no where NEAR enough to make a licensed agent steal from you.

 

[Willya]

Anybody else?

Would like to hear from anyone with similar experience, recommendations. It just seems odd to give someone money without receiving an executed document or keys. When I purchase a home, its pretty simple. The documents are executed at the time payment is made. The deal is closed and done. I don't think its a smart move to give someone money without receiving anything in return.

 

[jharris352]

Are you asking if I have any experience? I have 15 years as an owner of a Mortgage Company. The largest lease I ever signed was one with 15k/month in rent for 5 years. My escrow payment was $30k and it was delivered by certified check with a signed lease proposal.

You are being paranoid and it is obvious you haven't done this before.

 

[Willya]

No, I wasn't asking you if YOU have experience, congratulations on your big deal pal. I am in a forum full of people and I am looking for somebody else to provide some insight so stop getting your panties in a bunch when a forum member asks for an opinion rather than yours. I don't

Of course I haven't done this before. If I had I wouldn't be asking the question. Please stop responding to my posts and let others offer up the requested information. I'm sure someone as successful as you has something better to do buddy.

 

[jharris352]

You asked for an answer, I gave you one. It's quite obvious from your paranoia that you have never done this before. I truthfully couldn't careless if you believe me or not. I hope you find the answer you want.

By the way, 15k a month is a fairly small lease. I'm not bragging, I'm just providing you information that I know what I'm talking about. Good luck. It seems you are the one with your panties in a bunch maam.