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Re: Is Non-Refundable Holding Fee Unreasonable?
by John Brayton (Massachusetts)
on April 21, 2015 @16:07
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To clarify, are we talking about a fee or a deposit?
A holding deposit that converts to a security deposit upon move-in is perfectly reasonable. I recommend this, and I recommend making it non-refundable in the event that the tenant fails to sign the lease agreement, move in, pay first month's rent, etc.
A "fee" is not at all reasonable. It may not even be legal. I doubt this is what you meant, but be sure to use the right terminology when communicating with tenants about it.
John
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