Can a landlord request for prepaid rent and include it in the lease agreement in Virginia?
I moved to Virginia recently and have signed a monthly renewable lease for the rental unit I am currently residing at. My landlord has requested for prepaid rent and has included it in the lease agreement. Is this legally valid in Virginia?12/28/2016 | Category: Landlord Tenant | State: Virginia | #28939
The law relating to prepaid rent is enumerated in Va. Code Ann. § 55-248.7:1 which reads:
“A landlord and a tenant may agree in a rental agreement that the tenant pay prepaid rent. If a landlord receives prepaid rent, it shall be placed in an escrow account in a federally insured depository in Virginia by the end of the fifth business day following receipt and shall remain in the account until such time as the prepaid rent becomes due. Unless the landlord has otherwise become entitled to receive any portion of the prepaid rent, it shall not be removed from the escrow account required by this section without the written consent of the tenant.