Updated over 9 years ago on . Most recent reply
Holding deposit to reserve a rental legal in New Jersey?
We want to ask a prospective tenant to pay a non refundable 'holding deposit' equal to one months rent to reserve an apartment in NJ until lease signing. deposit would be applied to first months rent. Need help with following:
1. Is this legal to receive in NJ? could not find anything in the truth in renting document
2. does anyone have a sample receipt/acknowledgement one page document that both parties sign in this scenario. customized to NJ if possible.
Thanks so much!
Most Popular Reply
why would you need to hold a deposit and wait to have the lease signed? why not sign the lease and take the first month's rent at lease signing along with the deposit money??? you can sign the lease in advance so is there a reason to put it off?