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Updated over 7 years ago,
Is holding deposit necessary?
Dear BPers
After I reviewed prospective tenants' applications and decide to work with them, what is the most logical next step? Signing the contract with tenant and ask tenants to pay the deposit, so that I can take the property off the market, or ask them to pay $300 holding deposit that will be part of security deposit at signing?
Could you experienced landlords list pros and cons of the two options? I prefer the first option, as it saves one meeting, but it seems it always takes longer for tenants to sign the contract and pay the deposit, as they usually have questions on the contract and seem to be more hesitant to pay $2000 instead of $300.
Many thanks
Lee