HOLDING DEPOSIT. A holding deposit is usually taken from a tenant applying to rent a property. The purpose of this deposit is to verify the Tenant's serious intent to proceed, this deposit is the equivalent to one week’s rent. This deposit does not protect the Landlord against loss of rent due to the Tenant deciding to withdraw, or references proving unsuitable. Upon the commencement of the Tenancy Agreement, this deposit will be credited to the Tenant’s account towards the first month’s rent. Should the tenant fail referencing due to misleading information provided against their application, or withdraw their application to rent the Property, the Agent reserves the right to retain any costs incurred.
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Samples: Terms of Business, www.southernbrook.co.uk, Terms of Business
