2. Don’t hire a landlord who wants you to wire money or pay with cash.
A major red flag to be aware of is if the landlord wants you to wire them money or asks you to pay in cash only for your security deposit or anything else. It is never good to transfer money by wiring or pay with cash to a landlord you don’t know. That sounds very suspicious. It’s not standard practice for any business; plus, it’s quite unnecessary, and it is common for scammers. Don’t allow that to happen. If they are persistent about it, just walk away. It’s not a loss to you.
So before you sign the lease with a landlord who asks for a wire payment or cash only, confirm that the landlord does own the property. Did you use a real estate agent to help you find the property? Make sure they are certified! Also, double check to be sure that the property management company is reputable. We advise that you ask if you can pay in a more established method, such as a certified check of some form. If they say they cannot accept that, do not sign the lease.
1. Renters should be wary if the property owner has a foreclosure status.
Sometimes unfortunate things happen, and the owner of a property may be in foreclosure. If that is the case, the owner may continue to rent to their unsuspecting tenants, which is too bad. Landlords tend to take the first and last month’s rent, along with a security deposit. However, the landlord can still lease the property by the authority through a writ of possession. And it may sound outlandish. However, it happens quite often, and then the renters are without a house, despite paying all of the rent on time. You might not have as much legal recourse as you think when this happens, so be careful!
It also seems that over the last few years, judges have become less sympathetic to tenants. They don’t care about those who don’t do their due diligence and end up in these circumstances. So before you sign the lease to someplace, check public records. Look for the county where the rental is and see if a ‘lis pendens’ is against the owner. This legal document declares that a lawsuit is pending against the property. Furthermore, that the owner is in foreclosure status. If there just so happens to be a pending lawsuit, do not sign the lease. At least contact your attorney first to see if you can negotiate for cheaper rent.