Updated over 6 years ago on . Most recent reply
Security Deposit hold
I have someone coming to bring a deposit to put my rental on hold for them for March 1st. Which is about 3 weeks away. $500 of the deposit is non-refundable. If he ends up changing his mind and wants to refund his money back. Do I have to give him a full refund for putting my rental on hold for him to move in?
Most Popular Reply
Check with an attorney in your state, but...
Deposit is held against expenses/charges yet to be incurred. If no charge, then balance is returned.
Fees are charges incurred when paid. I would call it a reservation fee if I wanted to keep the money whether or not the applicant (not a tenant) was accepted and/or moved in.