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Re: Hold rental property - Landlord Forum thread 351682

Re: Hold rental property by Katiekate (New York) on April 15, 2017 @15:57

                              
I will hold a property provided I have a "reservation fee". That must be paid in cash. It is equal to one month rent.

Prospect signs an agreement to rent...this being the reservation fee...and is NIT refundable if they do not move in on time.

I make it clear the move is date is a "drop dead date". Meaning..if they do not move in on that day..the place will be rented to someone else, and they loose the fee completely.

I have never had anyone fail to move in...probably because they don't want their money going to waste. I have never had anyone actually show up to move in when I didn't have that large sum of money I was holding on to.

Of course...when they move in, I require first month, last month in cash before they get the keys...and before the lease is signed. The "reservation fee" will be rolled over into the security deposit after they move in.

Be careful. Never call it a deposit. Put it all in writing..and use those words...FEE. Deposits are always refundable...don't use those words.

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