holding fee : ezLandlordForms

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Migdalia R

started a topic over 15 years ago

I have a possible future tenant who wants us to hold the property for her. She is willing to make some kind of payment in order for us to hold the property for her until June. Since it is 3 months away we would be taking considerable risk agreeing to do it. We have thought of making an agreement with her for some sort of minimum payment that would help us cover our costs which would be non-refundable in the event that she changed her mind for some reason. We also thought it might be a good idea to have her sign the lease right away. She would still be liable for a security deposit and full rent once the move in date is confirmed. Any thoughts on how to handle this one?

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Tracy W

said about 15 years ago

Is there a law on whether or not I can keep the money if the tenant does not come through?

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Amon J

said over 15 years ago

Hi, I'm having the same inquiries - lots of them actually and I think what I've come to is this: We are taking considerable risk pulling the property "off the market" by holding. I was initially telling people that they would need to provide a lump sum of money, not equal to rent necessarily but say, $500 for each month until move-in. I told them that if they continue with the move-in, that money would be applied toward 1st month's rent. If they fell through, that money would be non-refundable - they lose it. I guess I'm kind of thinking I like the other suggestion - get Sec. Deposit and 1st month's rent, have them sign the lease. BUT, should they still fall through, do we keep that money?? Look forward to your responses.

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Yamel B

said over 15 years ago

I am having a lot of people ask for this in reference to my property, I agree with Denise, if I were looking and really interested in a property at least providing the security shouldn't be a problem and ofcourse signing the lease. Have they filled out an application?

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Denise S

said over 15 years ago

You are very right! This is risky. I personally would ask for the first months rent and the security deposit AND have her sign the lease. If she is truly serious about this, she should not mind at all.