Security Deposit - Landlord Forum thread 323548

Security Deposit by Kathleen on August 29, 2014 @12:19

I have an apartment that will be available in January. A potential tenant would like to have me hold it for him. If I have him pay a security deposit and sign a lease would he be bound to that lease if he changed his mind before January?

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Re: Security Deposit by Anonymous on August 29, 2014 @12:25	[ Reply ]

Yes. Use the reservation fee form here instead.

Re: Non-Refundable Holding FEE by Anonymous on August 29, 2014 @12:33	[ Reply ]

No, the use Non-Refundable holding fee (rental binder)form available on this site. Do not call it a deposit as deposits are refundable and FEEs are not.

Re: Security Deposit by Garry (Iowa) on August 29, 2014 @17:28	[ Reply ]

YES, BOTH of you would be bound by the lease. But here's the possible problem I see. January is still 4 months off. Lets say you sign a lease now with the new T for Jan.1 possession, and the current Ts are to be out on Dec. 31. What if they are NOT out by Jan. 1.----- or what if they leave you with a bunch of damages that may take you 2-4 weeks to repair? Then what are you going to do? If the current Ts are to be out Dec.31. , I would say sign a lease for a Jan 15 or 31 move in date for the new T. You may lose some rent for Jan. , but possibly save yourself a TON of headaches. Always remember a signed lease ties BOTH parties hands, not just one.

Re: Security Deposit

Re: Security Deposit by Anonymous on August 29, 2014 @17:55	[ Reply ]

Sort of. If the lease is signed, both parties are bound. However, if he pulls out, the courts would expect you to make reasonable efforts to attempt to re-rent the place as soon as possible and you'd only be able to charge him for the amount of time until the place is re-rented + any additional advertising costs.

Re: Security Deposit

Re: Security Deposit by Anonymous on August 30, 2014 @19:00	[ Reply ]

You never hold an apartment four months ahead. No, because he can just give you thirty days notice he will no longer be renting the place, and expect his security deposit back....