What is a Holding Deposit and why do I need to pay it to secure a property?
What is a Holding Deposit and why do I need to pay it to secure a property?
A holding deposit is an amount of money you pay to a landlord or real estate agent to reserve a rental property. This payment shows your commitment to renting the property and ensures that it is taken off the market while your rental application is being processed.
Purpose of a Holding Deposit
1. Reserve the Property
By paying a holding deposit, you reserve the property for yourself. Once the deposit is paid, the property will be taken off the market and will not be shown to other prospective Occupants.
2. Demonstrate Commitment
Paying a holding deposit shows ShareSorted that you are serious about renting the property.
3. Cover Initial Administrative Costs
The holding deposit helps cover the initial administrative costs associated with processing your rental application and preparing the Occupancy agreement.
Important Information about Holding Deposits
1. Non-Refundable
Holding deposits are non-refundable. This means that if you decide not to proceed with the rental after paying the deposit, you will not get your money back. This policy compensates ShareSorted for the time the property was off the market.
2. The Holding Deposit will be Applied Towards Rent or Security Deposit
The Holding Deposit will be applied towards your first rent payment or security deposit once your Occupancy Agreement is finalised.
3. Amount
The amount of the holding deposit can vary, but it is typically equivalent to one or two weeks' rent. The specific amount will be outlined in the rental application process.
Steps to Pay a Holding Deposit
1. Inspect the Property
Before paying a holding deposit, make sure you have inspected the property either virtually or in person.
2. Submit Your Application
Complete and submit your rental application. Ensure all information is accurate and complete.
3. Receive Confirmation
If your application is approved, you will receive confirmation from ShareSorted, along with instructions on how to pay the holding deposit.
4: Complete the Agreement
Read, understand, and complete the rental agreement before paying the holding deposit. Reach out to ShareSorted to answer any queries.
5. Make the Payment
Follow the provided instructions to pay the holding deposit promptly. This payment secures the property for you.
By understanding the purpose and process of paying a holding deposit, you can confidently proceed with securing your desired rental property. If you have any questions or concerns, please contact our support team for assistance.
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