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Renting Guide: Holding Deposit

What is a Holding Deposit
A holding deposit is like a reservation for a rental, which guarantees the landlord will hold the rental for you. A holding deposit may be used toward a Security Deposit when a security deposit is applicable. A holding deposit is more common in the experience of a short term rental or a vacation rental, but not unheard of for sublets, furnished rentals, unfurnished rentals or long term rentals.

Guidelines before giving a Holding Deposit
Before giving a landlord a holding deposit, ask the landlord to fax you a copy of a government issued ID, such as a driver?s license. Check their Listing Details page for the trusted logo; it is very simple for a landlord to obtain trusted status from and you can use their trusted status as guide. Following these steps will help protect you from potentially fraudulent landlords.

Holding Deposit Considerations
If you are paying a holding deposit to a landlord by wiring money, only wire money from bank to bank. Do NOT use wire services such as Western Union or Moneygram. The holding deposit amount should be lesser of $500 or half a month?s rent. Whenever possible, make an appointment to view the rental before giving a holding deposit, or have someone you trust view the listing for you if the rental is not in your area. The tenant should pay remaining 1st month?s rent and security deposit when lease starts.

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