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I was approved for a rental in Manhattan, and I sent a money order clearly marked "security deposit."
I did not follow through in signing the lease (cancelled my application), and I had already signed an application stating that I will lose my deposit if I am approved and do not follow through.
However, I have heard that the only deposit they can keep in this case is a "holding deposit," and that the fact that my money orders are clearly marked "security deposit" may allow me to reclaim them.
I'm not sure about this. It seems to me that if you paid a deposit to hold a unit, and then changed your mind, you should lose the money.
It doesn't seem to matter what you wrote on it, since the money was paid as a holding deposit. I'd like to know what other people say on here, but with the limited information available.. your loophole won't hold and you'll lose the money. Plus, remember you signed a document stating how you would relinquish the money if you backed out.
For example, when I was younger and more immature than I am currently, and I had to give money to my sister for our shared phone plan, I would always put ridiculous things on the memo of the check. "For illegal drugs obtained", "for industrial size sex toys", "body disposal services", ect, I don't think it matters what I wrote on it, what matters was the spirit of what the money was used for, and that was to pay for the phone.
Here is why I'm asking: if we had an agreement that the money was for a "security deposity," this type of deposit differs from a holding deposit. Under no circumstances can a landlord keep a security deposit other than for damages to an apartment.
I was never asked to pay a "holding deposit." I had even asked if I could sign the lease when I give my security deposit, and then wait until day 1 of the lease to pay the 1st month's rent, but she told me that was not possible, and I should just send the "security deposit."
There is an obvious, knee-jerk reaction that yes, I have lost my deposit. However, I'm looking for someone with a more nuanced understanding of NY state law and security deposits vs. holding deposits.
Here is why I'm asking: if we had an agreement that the money was for a "security deposity," this type of deposit differs from a holding deposit. Under no circumstances can a landlord keep a security deposit other than for damages to an apartment.
I was never asked to pay a "holding deposit." I had even asked if I could sign the lease when I give my security deposit, and then wait until day 1 of the lease to pay the 1st month's rent, but she told me that was not possible, and I should just send the "security deposit."
There is an obvious, knee-jerk reaction that yes, I have lost my deposit. However, I'm looking for someone with a more nuanced understanding of NY state law and security deposits vs. holding deposits.
Thank you all for your help.
That person would be called a lawyer. And as I, for one, am not fond of the obvious tone in your reply (and I too think you are trying to pay fast and loose with the law by trying to be "clever") please find the extent of my interest in helping you below.
And if this differentiation exists between holding deposit vs. security deposit, I'm pretty sure, whether or not the memo states it, that an amount of $1350 (the exact amount of rent) is obviously a security deposit, not a holding deposit.
Or maybe I'm inventing this distinction in my mind, but I swear I've heard of it before...
And if this differentiation exists between holding deposit vs. security deposit, I'm pretty sure, whether or not the memo states it, that an amount of $1350 (the exact amount of rent) is obviously a security deposit, not a holding deposit.
Or maybe I'm inventing this distinction in my mind, but I swear I've heard of it before...
A deposit to hold a unit is generally equal to one month's rent.
The truth of your replies, is that you want X to happen, and when everybody telling you that X will not happen, you can't grasp the reality of it and will only end up prolonging your hardship.
You will not get your deposit/escrow/hold/check back. You messed up. Deal with it and learn your lesson.
I was approved for a rental in Manhattan, and I sent a money order clearly marked "security deposit."
I did not follow through in signing the lease (cancelled my application), and I had already signed an application stating that I will lose my deposit if I am approved and do not follow through.
However, I have heard that the only deposit they can keep in this case is a "holding deposit," and that the fact that my money orders are clearly marked "security deposit" may allow me to reclaim them.
Anybody know for sure? Thanks!
Think you were the victim of what you were told (as we all are)
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