Holding fee in Massachusetts - Landlord Forum thread 323148

Holding fee in Massachusetts by Anonymous on August 21, 2014 @12:05

Can I require a non-refundable holding fee (in Massachusetts) to hold a rental for someone until the application process is complete?

I am thinking I would refund the money if they don't qualify, and they would lose the money if they decide not to rent the home.

Please advise. Thanks.

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Re: Holding fee in Massachusetts by Katiekate (New York) on August 21, 2014 @12:21	[ Reply ]

No. You can have a holding fee once you have accepted the tenant...as insurance they will move in. But, you cannot have a holding fee before you have run the application and accepted them.

Re: Holding fee in Massachusetts

I had tenants did not move in after holding 90day by Anonymous (MA) on August 21, 2014 @12:52	[ Reply ]

you cannot hold them for anything, that is why none want to be a landlord anymore

Re: Holding fee in Massachusetts by Anonymous on August 21, 2014 @15:11	[ Reply ]

Sign the lease now & collect the SD, include a clause that the effective date of the lease is today, the occupancy date is XX/XX/2014 and rent is due at move in. That way he is responsible for the terms of the lease immediately and you have the SD in hand in case he changes his mind. If he changes his mind, he'd owe you rent until you get a new tenant and you'll have the SD in hand to charge that lost rent against.

Re: Holding fee in Massachusetts

Re: Holding fee in Massachusetts by UP10 (MA) on August 22, 2014 @08:11	[ Reply ]

Thank you for the responses.