Monday, July 15, 2019

Legally Speaking: The End of Prepaid Seasonal Rentals

Landlords in the Hamptons have traditionally demanded prepaid rent from tenants on seasonal rentals. If you rented your property for a three-month term, say from July to October, on lease signing, you’d traditionally demand that the tenant provide you with a check for the entire period’s rental fees together with an executed lease or you’d refuse to rent your property to that tenant for that period. So, at lease signing, a tenant would traditionally need to have enough money for the entire rental period plus an additional month’s worth of rent for the security deposit. That tradition, of receiving prepaid rent for the entirety of the rental period plus the security deposit at lease signing, was ended on June 14, 2019.

Read the full article on Dan's Papers here. 


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