Post Dated Check For Payment Due
Rent is 2000 mo. Tennant wants to pay 1600 as he had job change. 8 months left on lease. Security deposit 3000. Security deposit cannot be used for rent (MIch law).
Question-- If he gave me 1600 mo plus a 400 personal check post dated ( 4/04- his lease termination date ) can I hold 7 of these checks for 400 each and give them back to him in April 04 in exchange for the 3000 security deposit? This would be much simpler than ammending lease, creating promisory notes, or re doing lease. Advice? ( I am not too worried about this family destroying property because of their wonderful work ethic and additude. ( they offered to move now if I couldn't help somehow ease thir 2000 burden and allow them somehow to tap their 3000k security.) Plus as soon as one of his resumees is approved he will be back as a computer programmer, and wants to eventually buy the place .
Not no, but HECK NO!
I'm not an attorney, but I would think there's some funny business w/ that type of transaction... Simply, take the check dated today and "hold it"... Additionally, if you were going to be "NICE", you should do it on a month/month basis...
BAD things happen to good people!
That's Life!
Not that I'm without compassion, 2k is a large payment to make every month w/ No job!
WHATEVER, you do... Don't release the SECURITY DEPOSIT until the lease expires!!!!! (that's my two cents or should it be sense?)
[addsig]