Deposit to Hold Agreement

[Shaun Palmer]

Hey BPer's

I am trying to find a good form to collect a deposit to hold the property for a rental.  Does anyone have a good agreement form they would like to share? Thanks in advance

[Kirsten Ostby]

Here's some basic wording/form I like to use when collecting the holding deposit. Been burned and learned the hard way when collecting a security deposit and not a holding deposit, so now I use something like this and label it a non-refundable holding deposit:

DEPOSIT TO HOLD PROPERTY 

Date ____ of ______________, 20______ Property Address: _________________________________________________________________ Applicant(s) Name: _________________________________________________________________ The above named applicant(s) has been accepted to occupy the premises listed above. A deposit of $ _____________ has been paid to reserve the right to take possession of the premises at the above address. This deposit will hold the premises until _____ day of _________________, 20___ (hereinafter referred to as the “Lease-start date”) when applicant(s) will take possession. If applicant(s) do not take possession for any reason, the deposit becomes NON-REFUNDABLE (note: If the “Lease-start date” is delayed because the Landlord is unable to give possession, the deposit will hold the premises until the earliest date the Landlord is able to give the Applicant possession. Or Landlord will refund the deposit.) The applicant will also be held accountable for days the premises were held that are not covered by the deposit as well as be responsible for additional advertising costs required to re-rent the premises. 

This holding deposit will become the security deposit for the above referenced property once the applicant(s) take possession.  

________________________________ _______________________________ Applicant Date ________________________________ _______________________________ Applicant Date ________________________________ _______________________________ Landlord or Agent Date

**This is not legal advice