The landlord may have a duty to return a security deposit within thirty (30) days after a tenant vacates the property. If the amount paid was a holding deposit to keep the property off the market, it would generally not be refundable. The answer depends on the agreement between you and the landlord at the time of payment. Always get a receipt for any deposit or fee that you pay. If the fee is refundable, ask the landlord to put that information on the receipt.
If an individual pays a holding deposit on an apartment and the application is rejected, how long does the person holding the security deposit have to return the funds?
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0 responses to “If an individual pays a holding deposit on an apartment and the application is rejected, how long does the person holding the security deposit have to return the funds?”
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Randomly browsing the good blogs, I went to yours. Truly speaking,I’m sure I’d visit here more often.Great job, keep posting interesting articles here. All The Best.
thanks
Atlanta House For Sale
Thank you. I appreciate your comment. I am a novice to blogging. Sorry for the delayed response, but I am an experienced professional real estate broker, paralegal and property manager. I have changed the overall theme of my blogs, but every now and then I will supply interesting articles that deal with real estate for my followers.
I don’t that a deposit should even be taken from the person unless the application has been approved. A person shouldn’t have to lose that kind of money in thise economy that we are facing. I’m just saying unless their were an agreement that you will lose the deposit if your application isn’t approved.
Your are correct. A person should not collect the security deposit, until you move in. Many agencies are collecting a non-refundable holding deposit and you should sign an agreement with lays out terms of the agreement, if the application is not approved. For instance, how long will it take for them to refund you your money. If you are dealing with a property manager or a real estate company, confirm with the Georgia Real Estate Commissioner Board they are licensed. Anyone else may be a fraud. Sorry for the delay, hope this helps in the future.
Will the dep. be refunded the same way it was given?
I know it has been 3 years, since you ask this question. I just decided to re-created my blog again and was not aware you had ask me a question. Regarding your answer. It is more than likely the landlord, will give you a check, money order or cashier’s check to document payment. He has up to 30 days to release these funds to you, if you are owed them.