Hello all,
Excuse my naivety, I’ve located a tenant privately and want to use open rent for ‘referencing and signing of tenancy agreement’ do I have to use open rent for the deposit and rent collection part as well?
I’d prefer to take the payment offline directly with the tenants because I am registered on the TDS scheme.
Thanks for your continued support.
If you are using RentNow, which is OR digital tenancy agreement, then your tenant will have to pay a holding deposit, the security deposit and 1st months rent to OR.
You would need to create an advert and add your tenants details manually, before selecting them to proceed with, at which time OR will ask them to pay the holding deposit. You then do referencing, and once happy issue the contract for signing. Then the tenant pays the balance of 1st months rent, and security deposit to OR before move-in.
OR will retain the security deposit, and this will be lodged on a ‘insured’ basis with Mydeposits.
Hi @Drdproperty
If you are using Rentnow to create and get the agreement signed you are signing up to use of their deposit method and also they hold on to initial months rent for up to 10 days, to allow tenant to move in. This is I ‘think’ they claim so as to protect tenants from dodgy landlords who could take deposit and rent and disappear or not supply keys or not even own the property advertised. The fact they now only provide an insurance based deposit option which is worse for both tenant and landlord has been discussed at length on these community pages but they dont give any choice in the matter.
If you just want to get docs signed electronically, use Docusign or similar free services
You can def use OR to do referencing without Rentnow, see ‘Standalone referencing’ on page What do I need to start referencing my tenant? – Help Centre
Good luck