1.  Applicants sometimes change their minds AFTER approval.

 

2.  The Property Manager or Owner often wishes to KEEP any deposit funds due to the Applicant’s decision.

 

3.  The Property Manager or Owner can only keep the Applicant’s deposit or other funds if the proper form or wording was used.

 

4.  A GOOD FAITH/HOLDING DEPOSIT agreement or the proper wording in the APPLICATION can achieve this goal.

 

5.  Failure to have something CLEAR in writing stating that the fully approved Applicant LOSES his money after approval will result in the Property Manager or Owner NOT being able to keep the funds.

 

6.  If you are refunding the Applicant, be 100% sure that the funds the Applicant gave you are 100% clear funds OR you could be giving the Applicant GOOD money when they have charged back or stopped payment and now the money they gave you is BAD.

 

HOLDING A PROPERTY OFF THE MARKET FOR AN APPLICANT IS DONE AT THE RISK OF THE PROPERTY MANAGER OR OWNER.  FAILURE TO USE THE PROPER FORM OR WORDING COULD RESULT IN THE APPLICANT GETTING ALL FUNDS PAID BACK.

 

“Serving the Property Management Professional”

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