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Updated over 8 years ago,
Holding deposit to reserve a rental legal in New Jersey?
We want to ask a prospective tenant to pay a non refundable 'holding deposit' equal to one months rent to reserve an apartment in NJ until lease signing. deposit would be applied to first months rent. Need help with following:
1. Is this legal to receive in NJ? could not find anything in the truth in renting document
2. does anyone have a sample receipt/acknowledgement one page document that both parties sign in this scenario. customized to NJ if possible.
Thanks so much!