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Asked by: Aduen Thangaraj
real estate real estate renting and leasingShould I pay a holding deposit?
Thereof, do you get a holding deposit back?
A holding deposit is money paid when you've agreed to rent a property, but haven't signed a contract. Usually a holding deposit is set against a security deposit, or is refunded when you move in. If the agreement is cancelled, and it's not your fault, the holding deposit should normally be returned to you.
In this way, how long is a holding deposit valid for?
Landlords are only allowed to keep your holding deposit for 15 days, unless you agree another deadline in writing. If the landlord has failed to accept or reject your application by the deadline, then the money must be returned to you in full.
A holding deposit will generally be equal to one weeks' rent.