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Old 07-24-2017, 07:49 AM
 
8 posts, read 13,297 times
Reputation: 10

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Hi All,

I'm considering signing a lease for an apartment in Philly, and I'm concerned I may be getting taken advantage of. First off, I made the mistake of giving the landlord a "holding deposit" before having a chance to thoroughly review the lease. Now that I've had more time to read it, I've noticed some things in the lease I'd like to have amended before signing.

The thing is, I'm worried they'll refuse to change the lease and try to keep my holding deposit.

What recourse do I have? Is the holding deposit refundable? It was never stated in writing and now I'm afraid to ask in case the vagueness of the agreement is beneficial to me. Any guidance would be greatly appreciated.

Thanks,

Davis
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Old 07-24-2017, 08:00 AM
 
5,546 posts, read 6,868,827 times
Reputation: 3826
I would imagine a holding deposit disables the landlord from offering the apartment to someone else while you are reviewing and signing the lease. Regardless, the landlord probably has his/her own definition. If I were to guess, I'd say you will not get your money back no matter what you do, but if you decide to rent from him/her the holding deposit will go toward your rent.

How much was the holding deposit?
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Old 07-24-2017, 08:06 AM
 
8 posts, read 13,297 times
Reputation: 10
Hey, thanks for your help! The holding deposit was equal to one month's rent. One thing to note is that nothing was put into writing and I never signed any paperwork. The only documents involved were a personal check I wrote stating that it was for an "apartment deposit" and a receipt, which you can see here:

https://drive.google.com/open?id=0B6...jBFTXhSTi1MUms

Davis
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Old 07-24-2017, 08:08 AM
 
5,546 posts, read 6,868,827 times
Reputation: 3826
Quote:
Originally Posted by Avelate View Post
Hey, thanks for your help! The holding deposit was equal to one month's rent. One thing to note is that nothing was put into writing and I never signed any paperwork. The only documents involved were a personal check I wrote stating that it was for an "apartment deposit" and a receipt, which you can see here:

https://drive.google.com/open?id=0B6...jBFTXhSTi1MUms

Davis
I'm sure you know this now, but NEVER give someone money without the proper paperwork and a review of that paperwork in advance. One month is a lot to give without a solid contractual agreement outlining the terms of what you are investing in.

Best of luck to you!
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Old 07-24-2017, 09:07 AM
 
Location: Dude...., I'm right here
1,782 posts, read 1,551,299 times
Reputation: 2012
They have no reason to keep the deposit as long as you have not signed the lease. The landlord has no obligation to avail you the property either. It is just a sign of commitment on your part.
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Old 07-24-2017, 11:07 AM
 
Location: Morrison, CO
34,229 posts, read 18,561,496 times
Reputation: 25798
You should be able to get the deposit back if you don't sign the lease. Read the lease, and see what happens to your deposit once you move out if you do end up taking the apartment. There will be a clause addressing "Surrender of Premises" or similar.
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Old 07-25-2017, 07:31 AM
 
Location: Long Island, NY
1,898 posts, read 2,834,779 times
Reputation: 2559
I've never heard of a holding deposit being refundable. What would be the point in even having one?
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Old 07-25-2017, 07:52 AM
 
5,546 posts, read 6,868,827 times
Reputation: 3826
Quote:
Originally Posted by reenzz View Post
I've never heard of a holding deposit being refundable. What would be the point in even having one?
No clue, unless it's to hold the place. People here seem to think the OP will get it back regardless. I'm not so sure...but I'm wrong plenty.
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Old 07-26-2017, 08:55 AM
 
4,823 posts, read 4,938,574 times
Reputation: 2162
Quote:
Originally Posted by AJNEOA View Post
No clue, unless it's to hold the place. People here seem to think the OP will get it back regardless. I'm not so sure...but I'm wrong plenty.
And if the depositor (the potential tenant) doesn't go forward with the lease while the landlord is ''holding'' the apartment? The landlord is losing other potential tenants during the ''hold'' period.

The amount of the ''hold deposit'' is not relevant. Could be $1.00 or $1,000

Instead of people on here using phrases like ''seem to think'', ''no clue'', ''not sure'', ''wrong plenty'' why isn't anyone just stating ''call a lawyer''? Then the lawyer will be challenged by the OP with all these internet opinions and taking up time while, hopefully, the lawyer's egg-timer $$ meter is running. Lesson learned OP.

Misleading the OP into court potentially based on opinions.

Last edited by toobusytoday; 07-26-2017 at 11:35 AM.. Reason: removed the rude comments
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Old 07-26-2017, 09:03 AM
 
8 posts, read 13,297 times
Reputation: 10
Kamms,

First, I'm absolutely going forward with the lease. What isn't clear is whether they will agree to fair lease terms or if they will use my "holding deposit" as a reason not to negotiate.

I agree that legal counsel should carry more weight. I do, however, appreciate the responses I've received from people who are admittedly more knowledgable than I am. My main takeaway: it isn't clear.

Best,

Davis
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