Warehouse depots are sometimes required by landlords to keep a property for a potential tenant and to remove the property “from the market.” This is to keep the property for the tenant before the checks done and the rental agreement is signed. There must be certainty that the tenant is serious about renting the property. The landlord or real estate agent can only withhold your deposit if you: As of April 1, 2019, any deposit paid by an owner must be protected by a client`s money protection system. You have 15 days from the date you pay a holding deposit to close a lease. This is a time frame to reach an agreement. Owners may indicate that this down payment or tax is intended to cover credit reference verification or other administrative duties and is not reimbursed. This is illegal and tenants should not pay extra money. Holding contribution is sometimes referred to as participation fees. The rules for holding deposits are set out in the Rental Fees Act (2019) which we will call TFA. You should normally collect your deposit within 7 days if one of the two: A deposit is a refundable payment by the tenant to the landlord or his agent. The holding contribution should only take place when the general terms of the leases have been agreed upon by the restoration conditions. In other words, if the tenant pays the rental deposit, the lessor must declare it to a state-recognized deposit guarantee system.

They must also send the tenant information about the system they used, the amount of money that represents the deposit and how tenants can challenge all proposed deductions at the end of the lease. The owner must write to you within 7 days to explain why they retained the deposit. If they do not, they must return the stock deposit entirely. If the tenant has paid a rent deposit of more than 5 weeks` rent, but your rent started before June 1, 2019, then no action is required. However, the lessor has been in surplus if it renews the lease. A tenant is entitled to a full refund of his deposit if a lessor or broker imposes a requirement contrary to the prohibition of rental fees. Only pay a holding deposit if you are serious about taking over the lease. The owner or real estate agent can keep the money if you decide not to move forward. You cannot simultaneously deposit a deposit of more than one person for the same property. The one you paid the deposit of the holding company, the rent is agreed in case of cancellation. The landlord should not continue with other tenants and not accept other storage deposits.

If you withdraw, the owner/agent can argue that the deposit is cancelled. In this scenario, the tenant will not be reimbursed. It goes to the owner or the real estate agent to cover them against any waste of time and money. Owners can only keep the security deposit for 15 days, unless both parties agree to a new time frame in writing. If the landlord has not received or refused the application on time, the money must be returned in full to the tenant. Unless the landlord has acted in such a way that it is unreasonable to expect a tenant to have a tenancy agreement with him and to submit the prohibition of tenant fees.