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prorated rent at a sale?

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LindaP777

Senior Member
What is the name of your state? OHIO
Very odd, I've been a landlord for 6 years and prorating the rent at the end of the month has came up twice in the last month, but never before. (See " Prorating rent for final month ")
Different tenant - this one had a "lease with option". They ended up buying the house half way through their lease (no problem there). I require "final months rent" paid up front (if a tenant is going to stiff you, they will stiff you with the final months rent) and 30 day notice when they want to end the lease (or in this case buy the house, so I can apply the final months rent). This tenant gave me notice (not written, but I was OK with that) mid September that they had been approved for a loan. October 1st, I applied the prepaid final months rent. They ended up closing on October 6th. I got a call a week later from my former tenant asking for the refund of their prorated rent for October. I told them "no" as they chose the closing date, not me, and I do not prorate the final months rent.
What is the law regarding prorating when the tenant buys the property? Any difference?
 
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HomeGuru

Senior Member
LindaP777 said:
What is the name of your state? OHIO
Very odd, I've been a landlord for 6 years and prorating the rent at the end of the month has came up twice in the last month, but never before. (See " Prorating rent for final month ")
Different tenant - this one had a "lease with option". They ended up buying the house half way through their lease (no problem there). I require "final months rent" paid up front (if a tenant is going to stiff you, they will stiff you with the final months rent) and 30 day notice when they want to end the lease (or in this case buy the house, so I can apply the final months rent). This tenant gave me notice (not written, but I was OK with that) mid September that they had been approved for a loan. October 1st, I applied the prepaid final months rent. They ended up closing on October 6th. I got a call a week later from my former tenant asking for the refund of their prorated rent for October. I told them "no" as they chose the closing date, not me, and I do not prorate the final months rent.
What is the law regarding prorating when the tenant buys the property? Any difference?
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**A: you need to prorate and refund the monies for the time after closing.
EX: tenant pays for the entire month of OCT and closing occurs Oct. 15th. You need to refund the rent for the second half of the month. What kind of rip off landlord are you anyway?
 
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LindaP777

Senior Member
LOL!!! Not trying to rip them off, they set the closing date and I didn't even think of it. In retrospect, I should have told them to set the closing for the 31st if I wanted to keep the whole month of rent? Odd they never mentioned anything about it at the time of closing. (Of course their security deposit was applied as a deposit.)

BTW - do you happen to know where that can be found in Ohio law? I've been unable to locate that.
 
H

HomeGuru

Senior Member
LindaP777 said:
LOL!!! Not trying to rip them off, they set the closing date and I didn't even think of it. In retrospect, I should have told them to set the closing for the 31st if I wanted to keep the whole month of rent? Odd they never mentioned anything about it at the time of closing. (Of course their security deposit was applied as a deposit.)

**A: it does not matter who set the closing date. That is not relevant and has nothing to do with the deposit return.
*********

BTW - do you happen to know where that can be found in Ohio law? I've been unable to locate that.
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**A: and just where did you actually look? It's there in black and white.
 
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LindaP777

Senior Member
HomeGuru said:
**A: you just started after my last post to you.
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Nope, been researching since 10/31 for both issues of "prorated rent". "Searching" for information is how I found this website.

I take it you have issues with believing strangers? (Ahhh, you're a landlord, too, huh? ;) )

Still looking for the "law". Title and chapter will do! (OK, just tell me what title it is, I'll find the chapter!)
 
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LindaP777

Senior Member
I'll edit that last post, HomeGuru, (after you've checked it out) as someone might misconstrue that as advertisement . . . and we all know that advertising is in violation of this forums rules. And I abide by all rules at all times . . . eat 5 fruits & veggies a day, floss my teeth, never exceed the speed limit . . .
 
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LindaP777

Senior Member
HomeGuru said:
**A: and just where did you actually look? It's there in black and white.
Click to expand...

Anyone can say it's there in black in white . . . now put your money where your mouth is . . . or in this case, put your money where your keyboard is.
 
H

HomeGuru

Senior Member
LindaP777 said:
Anyone can say it's there in black in white . . . now put your money where your mouth is . . . or in this case, put your money where your keyboard is.
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**A: sorry Linda, I am too busy right now. I am helping another poster with Christmas ideas for an 8 and 10 year old.
 
H

HomeGuru

Senior Member
But I'll leave you with this: use your common sense.
You can't collect rent on a property you do not own.
Using my example, you can collect rent from Oct 1-15. After that date the property is no longer yours.
 
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LindaP777

Senior Member
HomeGuru said:
**A: if closing was on Oct 6, then you owe the tenants rent from Oct 7-31.
See., it's very simple.
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I understand what you are saying (sounds logical), but would like to know why you are saying it. Is it just your opinion or a matter of law? (See, I too, have issues with believing a stranger.)

BTW - Try a new Barbie and more Leggos.
 
H

HomeGuru

Senior Member
LindaP777 said:
I understand what you are saying (sounds logical), but would like to know why you are saying it. Is it just your opinion or a matter of law? (See, I too, have issues with believing a stranger.)

**A: it is both.
************

BTW - Try a new Barbie and more Leggos.
Click to expand...

**A: yes, the new Barbie is hot and I made her a little dungeon out of the Legoland set.
 
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