Reply to Re: Non-refundable deposit

Re: Non-refundable deposit (Score: 1) by NY-LL on Thursday, February 23, 2012 @00:05

Terminology can make a difference ...
Depending on the language most commonly used in the rental state, there may be a substantial difference between a holding fee, a rental binder, and a non-refundable deposit. (Consumer laws in some states will not allow for a non-refundable deposits or holding fees beyond a set number of days.)

It is safe to use the rental binder agreement, as it clearly specifies that the monies are non-refundable and that the monies are not a holding fee, rental fee, or security deposit.

Whatever the wording or semantics used, if it is construed by a court to be a rental fee or security deposit it is subject to legal scrutiny and potential for refund.

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