Holding Deposit For Rental Property
Description
How to fill out Addendum To Apartment Lease Regarding Security Deposit?
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FAQ
A holding deposit can't be more than 1 week's rent. Ask for a refund if you're charged more. Don't pay or sign anything unless you're sure you want the property, as you could lose the money.
Paying a holding deposit You can pay a holding deposit to reserve a property until you can sign a tenancy agreement. If you're renting with other people, you should only pay one holding deposit for the property between you. A holding deposit can't be more than 1 week's rent.
In California, for example, the basic rule is that a landlord can keep an amount that bears a "reasonable" relation to the landlord's costs?for example, for more advertising and for prorated rent during the time the property was held vacant. A landlord who keeps a larger amount may be sued for breach of contract.
Is there a limit on the amount of a holding deposit? The law caps holdings deposits at the equivalent of one week's rent for the whole property even where there are a number of prospective tenants. This can be calculated by multiplying the monthly rent by 12 to get to the annual rent and then divide by 52 weeks.
Generally, holding deposits are non-refundable if you pull out of the property. However, you are entitled to a refund in certain circumstances, including: Your landlord changes their mind and decides not to rent to you.
