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Updated over 2 years ago on . Most recent reply

Account Closed
2
Votes |
21
Posts

Is Holding Deposit Necessary If Lease Is Signed?

Account Closed
Posted

Hi all,

Tenant signed my lease today for move in August 1. Deposit and first month's rent is due before keys are handed over on 8/1. Since the lease was being signed I did not think to collect a holding deposit and am now having a few doubts. Is the signed lease binding before move in date and is it okay to take down the listing at this point?

Thank you

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Nathan Gesner
  • Real Estate Broker
  • Cody, WY
41,075
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28,065
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Nathan Gesner
  • Real Estate Broker
  • Cody, WY
ModeratorReplied
Quote from @Account Closed:

Hi all,

Tenant signed my lease today for move in August 1. Deposit and first month's rent is due before keys are handed over on 8/1. Since the lease was being signed I did not think to collect a holding deposit and am now having a few doubts. Is the signed lease binding before move in date and is it okay to take down the listing at this point?

Thank you

 I believe it is most important to get the deposit, whether that is a holding deposit or a security deposit. In fact, I require payment of the deposit in full within 24 hours or I do not take the property off the market and I will not hold it for the applicant.

if they are moving in within a few days, I just have them pay the security deposit and sign the lease. If we will be holding the property for more than a few days, then I prefer to use a holding deposit and holding agreement. I will have them sign the actual lease agreement a day or two prior to occupancy and then I convert the holding deposit to a security deposit. 

  • Nathan Gesner
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