After a lot of looking, you finally find your dream apartment, and suddenly the landlord tells you they would like to hold your apartment for some time. But what does that mean? And how long can someone hold their apartments for? In this article, you’ll find out.
- How Long Can You Hold Your Apartment Before Moving In?
- How Do You Hold An Apartment?
- What Does It Mean If Your Landlord Wants To Hold The Apartment Before You Move In?
- How Much Is A Holding Deposit?
- What Is A Holding Deposit?
- How Is The Contract For Holding An Apartment Made?
- What Happens If The Contract For Holding Apartment Were To Be Breached?
- What Happens When The Apartment Holding Period Runs Out?
- Frequently Asked Questions:
How Long Can You Hold Your Apartment Before Moving In?
You can hold your apartments for as long as you’d like! It can be for two days, or it can be 30. Usually, landlords would hold their apartments for some time before they let the tenants move in for a few different reasons.
First, landlords like to take some time to background check their tenants. This background check would consist of a few documents like your rental history, tax history, source of income, etc., to ensure you are eligible to rent the said apartment.
If you are sure about renting the said apartment, your apartment will be held by the owner. And for this, you would also have to pay a deposit. This is known as a holding deposit. Usually, unless the owner faces a financial loss caused by the holdout, the money would be returned to you.
How Do You Hold An Apartment?
The owner would make a holding contract with the tenant to hold an apartment. This contract will ensure the safety of your money and, of course, your patience. Usually, the owners will ask you for some time to ensure you’re eligible for the rental.
But, sometimes, many tenants would ask a landlord to hold an apartment to gather up the finances. Maybe the rent or perhaps the security deposit. It’s good to remember that moving into an apartment is quite expensive!
It’s not only the rent you’d have to pay. Many other payments need to be made along with the rent. So, a holding contract would be made for both parties to have everything in place.
What Does It Mean If Your Landlord Wants To Hold The Apartment Before You Move In?
Maybe you’ve found an apartment for yourself that you like. But the landlord told you they’d be holding the apartment for some time. Well, if you’re not familiar with the practice, dont be worried. Most landlords would do this!
The reason is that landlords want to ensure you are eligible to move into their apartments. But during their background check, they might miss out on possible tenants. For which landlords would make a holding contract.
If you are certain about moving in, the landlord will make a contract with you where you would have to put in a holding deposit. If the landlord decided you’re not eligible for any reason, as per the contract, they would not let you move in.
And as for compensation, you would get your end of the deposit back. This ensures safety on both sides. So, if your landlord told you they want to hold the apartment for some time, it’s not bad! They simply just want to be sure!
How Much Is A Holding Deposit?
The holding deposit of an apartment can be as much as the first week’s rent. So, it can be somewhere around 100-200$. But, it’s good to know that the landlord can increase or decrease the deposit as they wish.
Sometimes, tenants like to hold an apartment for longer to gather the necessary money to move in. In those cases, the deposit would increase according to how many days the tenants want the apartment to be held.
What Is A Holding Deposit?
A Holding Deposit is an amount that secures the tenant for the said apartment for a period of time. The deposit can be around 100-200$ or simply the first week’s rent. A landlord can hold an apartment anywhere from 2 days to 30.
If a tenant needed time, they simply would have to increase the deposit amount. The holding deposit is very important, as it is the weight of a holding contract. The tenants are made aware that if they fail to meet their end of the terms, the owner will keep the money.
At the same time, if a landlord failed to meet their end of the terms, they would have to pay you compensation.
How Is The Contract For Holding An Apartment Made?
Usually, if a landlord wishes to hold their apartments, they ask you for a contract. You and the landlord would then sit down and review each other’s terms and conditions. The agreement would have the holding deposit amount, duration, and cause.
Along with the landlord, you would also have to come to an agreement about the consequence if the contract were to be breached. Usually, the contract would allow the person experiencing the damage to keep the money.
What Happens If The Contract For Holding Apartment Were To Be Breached?
If the contract made by you and the owner of the property were to be breached, the person experiencing the damage would get their agreed cost of damages. Usually, the owner and the tenant would have an agreement in place in case of a contract breach.
And the deposit would ensure either party doesn’t breach the contract.
What Happens When The Apartment Holding Period Runs Out?
If the apartment holding period runs out, you will have back all the money from the holding deposit. But, in some cases, both parties pay to make the contract. In those cases, you would only get back as much as you paid.
Again, if the owner experienced any damages because of you not meeting the terms, the owner would keep the cost of damages. Sometimes, the holding deposit gets added up with the security deposit if it’s already written in the contract.
An apartment can be held anywhere from 2 to 30 days. But usually, it’s only a couple of weeks. So, if the landlord is holding your apartment, dont be worried! It’s very common these days!
But yes, always be careful of getting scammed and ensure your terms are met! Until then, goodbye! Thank you for reading.
Frequently Asked Questions:
Q. How Much Is A Holding Deposit?
Ans: 100-200$ depending on the duration.
Q. What Are Holding Deposits?
Ans: Holding deposits are made to ensure the security of a holding contract.
Q. How Long Can A Landlord Hold An Apartment?
Ans: Anywhere from 2-30 days.
Q. What To Do If Holding Contract Is Breached?
Ans: You can try to get the agreed damaged costs or simply take the help of the law!
Q. Are Holding Deposits Safe?
Ans: Yes! Holding deposits are safe!
Rahik has experience writing professional blogs, particularly about home appliances. As an undergraduate tutor, Rahik taught undergraduate students academic writing before becoming a professional writer.