Question: security deposit v option for forward starting lease

[tenant79]

I am seeking to move into a new privately owned condo. I would be leasing from the individual owner of said condo. The move-in date or exchange of keys & rent would not be until near the end of October, e.g. Oct 25th, let's say.

The security deposit is the amount of one month's rent. I would be potentially signing the lease soon, but the lease would not begin until end of October.

So, the question is...upon signing the lease that starts at some point in the future, is it customary, required, merely hoped for by owner/landlord, or not legal for the owner to require me to provide the security deposit, with over a month to go before the lease even starts?

I would think that no deposit would change hands until exchange of keys, first month's rent etc. And my reasoning for not giving deposit so early is that I've signed a contract by which I must perform. Perhaps I might expect some option fee later applied to the deposit amount, but not the full required deposit one month in advance.

Anyone's feedback on this would be greatly appreciated!

 

[Gail_in_Georgia]

It is quite common that a landlord would require a security deposit at the time the lease is being signed, even if occupancy will not take place until later. The landlord is taking the unit off the rental market and the provision of the security deposit is a "good faith" gesture that the tenant will follow through on the lease.

There is often fairly valid concerns that, after taking the unit off the market to "hold" for a tenant, that tenant changes their mind about renting it. In the meantime, the landlord may have lost other potential tenants.

Technically, a security deposit is provided as a source to cover damages/owed rent/late fees AFTER the tenancy is completed. Many landlords now use the term "holding fee/security deposit" to describe monies that CAN be used to cover losses should the tenant change their mind on renting the unit.

Gail