Re: Is Non-Refundable Holding Fee Unreasonable?

Re: Is Non-Refundable Holding Fee Unreasonable? by Garry (Iowa) on April 21, 2015 @12:32

I do it the way anon and Jannie do it. They fill out the app, I process it, and if I approve of someone, I call them up, and tell them they have 24 hours to meet with me, bring the deposit in cash or money order (equal to 1 months rent) and sign a lease at that time. The actual "rent" is not due until whatever we agreed to on the lease would be their move-in date. I tell the prospective T that we don't have any legally binding agreement until we have a signed lease by both parties and money has changed hands. I am free to look for another T and they are free to look for another place to live. I pro-rate the 1st months rent only, if need be, to get the full rent always due on the 1st of each month. I require the deposit, rent, and the utils put in their name before they get keys to the place. On my leases there is a place for a lease signing date, and a lease move-in date. They do not have to be the same date. Only a really dumb T is going to give you a deposit equal to a full months rent, and walk out the door with out a signed lease in hand.

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Re: Is Non-Refundable Holding Fee Unreasonable? - Landlord Forum thread 333904