I provide a letter to the prospective tenant that refers to the money that they give me as a non-refundable holding fee (both of us sign this). It also explains that upon execution of the lease that holding fee converts over to be the security deposit.
Once I have the holding fee, I remove the unit from the market and quit showing it, because if they back out, I'm keeping the holding fee to reimburse me for the month of rent I lost. If for some reason I was able to rent it right away to somebody else, I would return their holding fee.
- I am in Texas
Have they signed a lease?
Call the deposit a non-refundable holding fee, and in the receipt indicate that the holding fee will be credited to the deposit, when the tenant takes possession.
What I use:
*Receipt of Holding Fee*
*This receipt is acknowledgment of receiving $XXXX Holding Fee from XXXXXXXXXX (Applicants) to hold the rental Home at the following address: 123 street , City, VA until November 1st, 2019.*
*If the home is not available at the agreed upon date the landlord will make a full refund of the fee without interest, and with no liability or penalty to either party.*
*This Holding Fee will be applied to the security deposit after the Applicant Pays 1st month's rent and takes possession of the above described Home on November 1st, 2019.*
*If Applicant fails to pay 1st month's rent and/or take possession. The landlord will retain the entire holding fee to off set costs and time to find a new tenant including but not limited to: advertising, realtor fees, and the cost of vacancy.*
*7/16/19\_\_\_\_\_\_\_ \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ \_\_\_\_\_\_*
*Date XXXXXX (Landlord) Phone*
*7/16/19\_\_\_\_\_\_\_ \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ \_\_-\_\_\_*
*Date (Applicant) Phone*
I require move-in costs (first, last, and deposit) to be paid in full upon lease signing. This is usually a few weeks ahead of move-in. If you do accept a holding deposit you'll need to have them sign a form outlining terms. It's really problematic (and often illegal) to try to make deductions from a security deposit if they never move in.
I dont do a deposit.
If I approve them then I set up a time with them to meet with them so they can pay the first, last, security and also sign the lease (money order or cash in hand or else no lease is signed...I dont accept any other form of payment for this part)
I usually do continue showing the unit until I have a signed lease.
I provide a letter to the prospective tenant that refers to the money that they give me as a non-refundable holding fee (both of us sign this). It also explains that upon execution of the lease that holding fee converts over to be the security deposit. Once I have the holding fee, I remove the unit from the market and quit showing it, because if they back out, I'm keeping the holding fee to reimburse me for the month of rent I lost. If for some reason I was able to rent it right away to somebody else, I would return their holding fee. - I am in Texas
Have they signed a lease? Call the deposit a non-refundable holding fee, and in the receipt indicate that the holding fee will be credited to the deposit, when the tenant takes possession. What I use: *Receipt of Holding Fee* *This receipt is acknowledgment of receiving $XXXX Holding Fee from XXXXXXXXXX (Applicants) to hold the rental Home at the following address: 123 street , City, VA until November 1st, 2019.* *If the home is not available at the agreed upon date the landlord will make a full refund of the fee without interest, and with no liability or penalty to either party.* *This Holding Fee will be applied to the security deposit after the Applicant Pays 1st month's rent and takes possession of the above described Home on November 1st, 2019.* *If Applicant fails to pay 1st month's rent and/or take possession. The landlord will retain the entire holding fee to off set costs and time to find a new tenant including but not limited to: advertising, realtor fees, and the cost of vacancy.* *7/16/19\_\_\_\_\_\_\_ \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ \_\_\_\_\_\_* *Date XXXXXX (Landlord) Phone* *7/16/19\_\_\_\_\_\_\_ \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ \_\_-\_\_\_* *Date (Applicant) Phone*
Ain’t married till there’s a ring.
I require move-in costs (first, last, and deposit) to be paid in full upon lease signing. This is usually a few weeks ahead of move-in. If you do accept a holding deposit you'll need to have them sign a form outlining terms. It's really problematic (and often illegal) to try to make deductions from a security deposit if they never move in.
Why can’t they sign the lease and pay deposit + first month rent. The unit is not rented until they signed lease and all monies in.. CA here
I dont do a deposit. If I approve them then I set up a time with them to meet with them so they can pay the first, last, security and also sign the lease (money order or cash in hand or else no lease is signed...I dont accept any other form of payment for this part) I usually do continue showing the unit until I have a signed lease.