Urban Land & Housing Group – Tenant Tips – Paying A Holding Deposit

If I am approved for a property can the agent ask me to pay a holding deposit?

On approval of your tenancy application, you will be asked to pay a holding deposit equivalent to one week’s rent. This deposit not only secures the property for you, but also becomes the first weeks rent when the tenancy commences.

Your property manager will then make an appointment with you to sign the Residential Tenancy Agreement and Rental Bond form. A signed copy of the agreement will be handed to you, along with a copy of the New Tenant Checklist.

Prior to collecting the keys to the property, you will be provided with a detailed Property Condition Report, which forms part of the Residential Tenancy Agreement. This is an important part of the agreement that will be used to determine any damage or costs that you may be responsible for at the end of the tenancy. It is important that you complete the ‘tenant agrees’ section of the condition report, sign it and return one copy to the agent within 7 days of the commencement date of the tenancy.

The balance of money must also be paid to the managing agent, prior to the collection of the keys. This includes the full bond and advance rent.

If you need any further advice please feel free to give me a call on (02) 9672-6055.

Thanks Rach

Posted in Tenant Tips on 26th April, 2013 | No Comments »

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