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.
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Enforceability of e-signing
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.”
Automatic payments before the first of every month, reminders, primary and backup payment methods, and automated rent-demand notices help to ensure on-time monthly rent.
Automated rent payments
Tenants will be prompted to automate their rent payments after the lease has been executed by both sides. They will be able to choose a date for the automated charge and setup two payment methods.
Note that rent amounts are always automatically prorated based on your lease's start and end dates.
Late or missing rent payments will initially generate notifications that go to you and your tenant, and will be followed up until the tenant makes a successful payment.
Formal rent demands
After 5 days, a proceeding to get a court ordered eviction judgment will begin. In most states this means that the tenant will receive a formal rent demand letter.
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.