Any lease that you sign on our platform will have a start date, an end date, a monthly rent amount and a security deposit amount. This applies to our default leases as well as a custom lease of your own that you choose to upload.
Once it's been signed, our system has a few built in features that enforce these terms.
On this page:
- Are online leases enforceable?
- How do you make sure I get the rent?
- Will you hold a security deposit for me and my tenant?
Are online leases enforceable?
Online signing of residential rental leases has been legally binding in the U.S. since Congress passed the Electronic Signatures in Global and National Commerce Act in 2000. According to that law:
"A signature, contract, or other record relating to such transaction may not be denied legal effect, validity, or enforceability solely because it is in electronic form; and (2) a contract relating to such transaction may not be denied legal effect, validity, or enforceability solely because an electronic signature or electronic record was used in its formation.”
How do you make sure I get the rent?
All of your incoming rent payments will be controlled by the terms of your lease. If the lease starts or ends in the middle of the month, you don't need to worry about pro-rating the rent because it will happen automatically.
Additional features to make sure you get rent on time include:
- Automated rent payments
- Rent payment reminders
- Eviction proceedings
Will you hold a security deposit for me and my tenant?
Flip holds your tenant's security deposit in an interest bearing escrow account, to comply with your local laws, for the duration of your lease. We handle your claims on the deposit as soon as you have one (you don't have to wait until the end of the lease) and automatically release the deposit to the tenant at the end of the lease if no claims were made. Learn more about security deposits